Bitcoin Bonanza: DATs Dive In While Markets Droop! 🤑

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Well, I say, old bean, the crypto markets have been about as cheerful as a wet weekend in Bognor Regis lately. But lo and behold, one jolly bunch has been keeping their chins up and their wallets open – the Bitcoin Digital Asset Treasuries (DATs), what? According to the eggheads at VanEck, in their rather spiffing “ChainCheck” report, these chaps have been scooping up BTC like it’s going out of fashion.

“What ho!” cried VanEck, with a flourish of their quill, “the DATs have been on a bit of a spree, adding 42,000 BTC to their coffers from mid-November to mid-December. That’s a jolly 4% uptick, and their largest accumulation since July 2025, when they bagged a whopping 128,100 BTC. Top hole!”

DATs Sitting Pretty on a Cool 1M BTC

These chaps now hold a staggering 1.09 million BTC, valued at a cool $96.6 billion, which is roughly 5.5% of the total supply. Not too shabby, eh? Though, I say, some of these DATs have seen their mNAVs dip below 1.0x, as they’ve been a bit tardy in joining the party. Still, you can’t win ’em all.

Now, Michael Saylor’s mob is the odd man out, having snapped up 29,400 BTC in the past 30 days. Blighter’s got a knack for issuing common stock to fund his Bitcoin jolly. But VanEck reckons this model might be on its last legs. “Going forward,” they opined, “many DATs will likely swap common stock issuance for preference share sales to finance their BTC purchases. Dash it all, progress, eh?”

“Going forward, we believe many DATs’ strategy will be to move away from common stock issuance and instead finance BTC purchases with proceeds from preference share sales.”

Meanwhile, Bitcoin ETP investors have been a bit more circumspect, with holdings dropping to 1.31 million BTC. Not exactly a vote of confidence, what? But Tom Lee’s BitMine has been busy as a bee, hoovering up Ether like there’s no tomorrow. Their Ethereum DAT has hit a milestone of 4 million ETH, valued at $12.3 billion, or 3.36% of the entire supply. Jolly good show!

Hodlers: A Tale of Two Timelines

VanEck also had a bit of a gander at the hodlers and spotted some rather divergent behavior. Medium-term token holders have been shuffling their coins about like a game of musical chairs, with balances dropping across the 1-2 year, 2-3 year, and 3-5 year cohorts. “If a token sits tight for years,” they explained, “it’s a sign the chap holding it is as confident as a vicar on Sunday.”

“Generally, if a token is not moved for a long time, greater than a few years, it indicates whoever holds it is confident in Bitcoin’s long-term prospects.”

But when older coins start moving, they join the newest cohorts, and VanEck reckons this churn might signal a short/medium-term price peak. Dash it all, it’s enough to make one’s head spin! Still, the oldest cohorts, over five years, are sitting tight, suggesting the old hands aren’t losing their cool over the current market shenanigans.

So there you have it, old sport. While the markets may be as gloomy as a Dickens novel, the DATs are keeping the flag flying. 🌟💰

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2025-12-23 14:28