Crypto winter triggers survival‑of‑the‑fittest period for DAT stocks
The crypto market has shoved digital asset treasury stocks into a harsh reality this year, wiping out the excitement that built up under President Trump as Bitcoin went on a monster rally through the first half of 2025.
That rally had pushed more than 180 public companies into holding tokens on their balance sheets, and around 100 of them copied the same debt-fueled strategy invented by Michael Saylor in 2020.
That play worked when prices were rising. Then bitcoin cracked in October, and the whole sector flipped into survival mode.
Now many treasury firms are stuck with unrealized losses, sliding stocks, and a market that wants to see who actually has a real business and who was just riding momentum.
