Crypto Treasury Companies Are Getting Wrecked in 2025 — Here's How Some Are Surviving

Key Takeaways

• Since October, galore integer plus treasury (DAT) firms person seen their profits crook negative.

• DATs person responded to caller bearishness successful antithetic ways.

• Some proceed to stack crypto portion others person opted to sell.

With the planetary crypto marketplace headdress down astir 27% from its highest connected Oct. 10, dozens of integer plus treasury (DAT) firms that stacked coins earlier successful the twelvemonth are present sitting connected unrealized losses.

Yet galore proceed to rise wealth to money much purchases.

As they knuckle down for what could beryllium a prolonged marketplace downturn, DATs are turning to a divers array of strategies to support their equilibrium expanse and stay charismatic to investors.

Credit for pioneering the DAT conception goes to Michael Saylor, who transformed a tiny bundle institution into a Bitcoin powerhouse with assets worthy astir $60 cardinal arsenic of Nov. 27.

Since 2020, Saylor has utilized capital-structure engineering to hedge against short-term volatility portion maximizing semipermanent upside.

His company, Strategy, raises wealth from investors successful the signifier of unsecured indebtedness oregon by issuing caller MSTR stock. 

Since lenders ne'er person a assertion connected the underlying Bitcoin, the steadfast doesn’t look the hazard of liquidation, and Saylor has made a constituent of ne'er selling BTC. 

Because it entered aboriginal and purchased overmuch of its BTC astatine little prices, dissimilar galore of its younger DAT peers, Strategy’s Bitcoin investments stay successful nett adjacent aft the caller downturn.

In fact, Saylor insists the institution could past a 90% marketplace clang and would beryllium capable to money dividend payments for different 71 years astatine existent prices.

Since 2020, Strategy (previously MicroStrategy) has weathered aggregate marketplace crashes, and Saylor’s exemplary has gone connected to animate a procreation of DATs that person expanded the conception to different cryptocurrencies.

In an interrogation with CCN, Republic Technologies CEO Daniel Liu said the Ethereum treasury steadfast took inspiration from some Strategy and Metaplanet, a Japanese edifice operator-turned Bitcoin DAT.

“We looked astatine however Saylor survived done 2020 until now” to make a strategy “that would support america hedged and not overexposed astatine the top,” helium explained.

However, galore companies that entered the abstraction successful 2025 person discovered that they whitethorn good person bought astatine the apical of the cycle.

With ETH trading astatine astir $3,000, adjacent assemblage leaders Bitmine and SharpLink are successful the red.

Against this backdrop, DAT stocks person plummeted amid rising fears of a marketplace bubble.

This has prompted firms including ETHZilla and FG Nexus to merchantability crypto successful bid to money stock buybacks and bolster their banal value.