From Accumulation to Volatility: Crypto Treasuries Face New Challenges
2025 started with a strong wave of Bitcoin, Ethereum, and Solana accumulation from digital asset treasury (DAT) companies. However, by September, the picture had changed: mNAVs were plunging, company stocks were falling, and investor confidence was being tested.
Treasury Accumulates Huge Volumes
According to Kaiko data, DATs were an important driver of the 2025 market recovery. MicroStrategy, BitMine, and SharpLink continued to accumulate BTC, ETH, and SOL.
MicroStrategy: bought nearly 190,000 BTC in just 9 months, bringing its total holdings to over 638,000 BTC – close to its 2024 net purchase record.
BitMine & SharpLink: Go their own way with Ethereum, while many emerging companies experiment with XRP, SOL, and even smaller tokens like HYPE and ENA.
This model has created a ripple effect, especially in the Asia-Pacific region, where listed companies use crypto treasury strategies to attract capital.
mNAV falls, stocks plummet
But the excitement was soon replaced by concern. Artemis Analytics notes that the mNAV of DATs has fallen for three consecutive months, hitting a new low in September.
This means that despite accumulating a lot of crypto assets, companies are still losing purchasing power as their stock values decline.
Next Technology Holding (NXTT): Shares fall 5% after plans to raise $500 million to buy more Bitcoin, despite holding over 5,800 BTC.
KindlyMD (NAKA): Recorded the biggest shock – shares fell 55% in September alone, extending the previous 90% decline.
KindlyMD CEO David Bailey tried to reassure shareholders, calling this a “long-term trust restructuring opportunity”. However, the severity has led critics – such as Peter Schiff – to call the DAT scheme “a Ponzi in a new coat”.
Even MicroStrategy, the leader of this trend, has been affected. Its NAV multiple has dropped from 1.75x (June) to 1.24x (September), limiting the ability to buy more BTC.
Tokenizing stocks – solution or risk?
In the face of adversity, some crypto analysts suggest a new direction. DeFi Ignas believes that tokenizing DAT shares could open up more on-chain liquidity channels, attracting the Web3-native investor community.
“If DAT shares were tokenized, even DeFi investors could participate, creating a new dynamic for liquidity,” Ignas said.
However, this solution also has potential risks: turning an already highly volatile instrument into a new speculative class. In addition, the market has not yet completely solved the problem of debt financing with blockchain bonds, leaving financial pressure hanging in the balance.
Promise and reality
The paradox is clear: DAT helps support the crypto spot market thanks to large buying volumes, but its own shares are falling under pressure from traditional markets.
The crypto treasury model is caught between:
The promise of a new treasury strategy based on digital assets.
The reality of public scrutiny, price volatility and investor skepticism.
September becomes a big test: will DAT find a new way to maintain liquidity and trust, or will it become a cautionary tale for the “accumulate at all costs” strategy?
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