Key Facts
• Public companies are increasingly shifting to crypto asset purchases as a core strategy.
• Digital Asset Treasury (DAT) firms plan to raise $79 billion (approx. ¥11.67 trillion) by 2025.
• DAT firms aim to accumulate $25 billion in altcoins like Ethereum, Solana, and Toncoin in 2025.
• Bitcoin remains less volatile and more liquid compared to smaller cryptocurrencies.
• Japan’s Metaplanet, holding $2 billion in Bitcoin, saw its stock drop 50% since June.
• Yupexy, backed by Maelstrom, lost two-thirds of its market cap since April.
• DAT firms’ median returns post-announcement are 3%, but drop to -11% excluding initial spikes.
• Market metric mNAV (market value to crypto holdings ratio) is critical; Metaplanet’s mNAV is 2.39, Yupexy’s is 1.7.
• DAT insiders allegedly profited by selling stocks and crypto post-announcement.
• Smaller crypto indices experienced three 55% swings in 2025, with a 15% drop since July highs.
Summary
The surge in crypto-focused funding by public companies is raising market concerns. Digital Asset Treasury (DAT) firms plan to raise $79 billion by 2025, with $25 billion allocated to altcoins like Ethereum and Solana. While Bitcoin remains a safer asset due to lower volatility, smaller cryptocurrencies face risks of forced sell-offs and price crashes. Key players like Japan’s Metaplanet and Yupexy have seen significant stock declines, with mNAV ratios becoming a critical market indicator. Allegations of insider trading and unsustainable DAT projects further amplify skepticism. Experts warn that the altcoin-heavy DAT firms are most vulnerable in bearish markets, potentially triggering broader market instability.
