"Digital Asset Treasury (DAT) companies, many will be eliminated next year"

Digital Asset Treasury (DAT) companies are facing structural pressure, and a diagnosis has emerged that many will not survive next year.

On the 29th (local time), Altan Tutar, MoreMarket's chief executive officer (CEO), said in an interview with Cointelegraph, "As we move into next year, the outlook for DAT looks somewhat bleak," and "Most of the Bitcoin treasury companies that currently exist are likely to disappear along with other DATs."

DAT companies are structures in which firms hold large amounts of virtual assets (cryptocurrencies) at the corporate level to provide indirect investment opportunities through the stock market. Numerous DAT companies emerged over the course of 2025, and as Bitcoin (BTC) prices rose to the October peak at that time, some company stocks surged in a short period. However, as the overall crypto market entered a correction phase, corporate values also fell sharply.

Tutar specifically predicted that altcoin-centered treasury companies would be hit first. He explained, "Altcoin treasuries find it difficult to maintain market capitalization (mNAV) relative to the value of assets held. They are likely unable to defend the key metrics that investors prioritize."

This trend may not be an exception for major DATs holding assets other than Bitcoin. Tutar said, "Representative DATs based on large assets such as Ethereum, Solana, and XRP could follow the same path relatively quickly."

However, he added that the outlook is not negative for all DATs. He said, "Companies that, beyond simple holding, utilize assets to generate stable and consistent income and can return that to stakeholders are more likely to survive," and "Whether additional value is provided will be a key factor determining the success or failure of DATs going forward."