6 Facts on Crypto DAT Turmoil: Shares Down by 80%, Investors Worried?

Jakarta, Pintu News – Shares of digital asset treasuries (DATs) are experiencing a sharp decline. Based on analysis from Tyler Warner(Decrypt), some DAT companies that were previously in the limelight for storing large amounts of crypto assets are now experiencing market value depreciation of up to 80%. This decline is worrying investors and is a reflection of the highly volatile dynamics of the crypto market.

1. DAT Plummets by 80% as Bitcoin (BTC) and Ethereum (ETH) Fall

According to market data, the price of Bitcoin (BTC) has fallen about 20% from its record high this year, while Ethereum (ETH) has recorded a decline of 36%. This decline has put immense pressure on DAT companies that build their business on the ownership of these crypto assets.

For example, Metaplanet – one of the Bitcoin-based DATs – is reportedly down almost 80%, while ETH-focused SharpLink (SBET) is down around 70% from its peak. Meanwhile, companies like Strategy saw a 50% drop and BitMine (BMNR) lost 46% of its value.

Also Read: Robert Kiyosaki Remains Optimistic, Plans to Buy More Bitcoin!

2. Asset Sales by DAT Begin to Occur to Cover Operating Costs

Some DATs have already started selling their crypto assets to maintain liquidity. ETHZilla reportedly sold around $40 million (equivalent to IDR 670.48 billion) of ETH or 10% of its total treasury for share buybacks.

Meanwhile, Sequans – a BTC-based DAT – sold around 970 BTC (worth around Rp1.63 trillion) to pay off convertible debt. This data reinforces concerns that market pressure could trigger a selloff from other large DATs.

3. DAT Valuation Decline Caused by mNAV Falling Below 1

According to analyst Yaroslav Patsira of CEX.IO, when DAT stocks trade below the value of their crypto holdings, the market no longer adds value to their accumulation strategies. Many DATs now have a market net asset value (mNAV) below 1, even closer to 0.8.

This means that the value of DAT shares is lower than the combined value of the digital assets they hold. This raises concerns that investors will prefer to buy crypto assets directly rather than through DAT shares.

4. Bitcoin-Based DATs Rated More Resilient than Altcoin DATs

Fakhul Miah of Gomining Institutional states that Bitcoin-based DATs have relatively more stable performance than multi-asset or altcoin DATs. According to him, companies with cleaner balance sheets tend to be more resilient to market turmoil.

In contrast, DATs that pursue high-risk tokens are more susceptible to value fluctuations. This has led many analysts to predict that small DATs will continue to sell off or even be acquired in the near future.

5. Harvard Adds Bitcoin, Contrasts with DAT Bulk Sale

Amidst this turmoil, recent reports suggest that Harvard University added around $350 million in Bitcoin through IBIT during the third quarter of 2025, up 257% from the previous quarter. This move shows the contrast between the long-term institutional strategy and the short-term pressure DAT is under.

This difference in approach signals that despite the depressed crypto market, large institutional investors still see long-term potential, especially towards Bitcoin.

6. Leadership change at BitMine becomes recovery strategy

The $11 billion Ethereum treasury company BitMine appointed new CEO Chi Tsang to replace Jonathan Bates. Tsang previously led venture funds and held senior positions at HSBC, and is expected to bring strategic transformation amidst current market pressures.

This step is considered important to maintain investor confidence and strengthen risk management, which is now a key focus in the DAT sector.

FAQ

What is Digital Asset Treasury (DAT)?

DAT is a public company that builds its business on the ownership and management of crypto assets such as Bitcoin (BTC) or Ethereum (ETH).

Why did DAT stock have a big drop?

The decline in the value of cryptocurrencies such as BTC and ETH triggered a decline in the value of DAT shares that rely heavily on these assets, with some dropping by up to 80%.

Do all DATs sell their crypto assets?

Not all, but some such as ETHZilla and Sequans have started to sell some assets to fulfill financial obligations and buyback shares.

How do institutions like Harvard react differently to DAT?

Harvard has actually increased its Bitcoin holdings significantly, showing long-term conviction, in contrast to DAT which was forced to sell due to liquidity pressures.

What does mNAV below 1 mean in the context of DAT?

That means DAT’s market value is lower than the total value of the crypto assets they hold, signaling investor distrust of the company’s business strategy.

Reference

• Decrypt. Morning Minute: The DAT Meltdown Is On. Accessed on November 18, 2025