Pancakes in the Crypto Kitchen: DATs Stirring Up Trouble · 😅

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September has a furrowed brow looking over its shoulder at the world of digital asset treasuries (DATs).

What started off as a waltz of big bucks and shiny coins by the corporate gents has hit a beat of realism with the market’s mean moods-think less ice cream and more knuckle-wrapping tough love.

DATs Grasping Top Crypto Assets: The Rally Suffers a Sardonic Soiree

Per a report by Kaiko, these very treasury firms were the heroes of crypto’s 2025 leap-frogging fest.

Companies like Strategy (MSTR), BitMine, and SharpLink have been busy bees, gathering Bitcoin, Ethereum, and Solana like farmers gathering hay in the fall. This fettuccine of buying has swelled the spot price pots and opened the wallets of bright-eyed newbies.

Strategy is the one putting on the show. In fewer than nine months, they’ve bagged up 190,000 BTC. That’s nearly 638,000 in their lockbox, almost matching their 2024 grab party.

BitMine and SharpLink were sipping the same brew with Ethereum (ETH), while rookies have been flirting with coins like XRP, SOL, and-would you believe this quirky bunch-HYPE and ENA.

It’s no shock that these shenanigans galvanized buzz around the publicly listed crypto treasury firms, particularly in the vibrant lands of the Asia-Pacific, where this affair has practically reached celebrity status.

mNAV’s Downfall: A Genteel Warning Sign

But yo, the risks are hiding in the shadows like quiet jesters. Artemis Analytics crunched the numbers, showing that the mNAV of those holding BTC, ETH, and SOL has fallen faster than a bull in a china shop-not for one month, not two, but for three-and hit rock-bottom in September.

The math spits out that, despite their huffing and puffing, DATs are draining their giggle money as their shiny toys aren’t worth the hullabaloo anymore, especially when their stock show performance slumps.

Remember when BeInCrypto mentioned Next Technology Holding’s (NXTT) stock took a nosedive by nearly 5% when they waved around a proposal to milk some more Bitcoin money? Sure, they had a hoard of 5,833 BTC worth $673 million, but it’s like talking about steak to a vegetarian at a tofu buffet.

The sharpest throbbings came from KindlyMD’s NAKA stock, which sunk 55% when private equity shares hit the town, piled onto a 90% monthly host of trouble. CEO David Bailey tried calming the sea with a chat about accepting the wild waves as part of the ride, but his words were like bailing water with a sieve.

“From day one, folks, I told you DATs hosting Bitcoin are nothing more than Ponzi dreams on a sinking ship. Today, NAKA tanked by 55%, now fighting a mountain of 96% since May,” gold enthusiast Peter Schiff quipped.

Similarly, MicroStrategy’s NAV problem is no joke. Their NAV ratio flew south from 1.75x during the summer to 1.24x when September rolled in, and their Bitcoin shopping list shrunk.

Innovation or Ludicrousness?

Even in these stormy seas, some crypto jesters pitch outlandish tips. DeFi analyst Ignas says let’s tokenize DAT stocks to twist the wheel of arbitrage opportunities and tempt in the crypto-kaleidoscope investors.

“DATs are seeing their buying powers gasping for air as mNAVs give up the ghost. Tokenize their stocks so even crypto degens could join the party!” he cheered.

Now, tokenization might open the door wider, but it adds more roll of the dice to an already jittery banjo. Plus, ETH-based treasure chests have yet to dance with debt financing, an ominous storm on the horizon.

Seriously, as DAT whirlwinds collapsed, the fun has disappeared faster than a sunset in the desert. Plus, ETH DATs are dodging a debt-loaded Pandora’s box for another bash of chaos.

– Ignas | DeFi (@DefiIgnas) September 16, 2025

September’s downturn shines a spotlight on a riddle. DATs, these iron-willed market movers, are feeding the crypto hopscotch through heavy buying.

Yet here we are, their purse strings tug tighter as market spectators squint at the longevity of this dance. The groovy plan teeters between being an all-star treasury move and becoming a tale of caution in public market viewings.

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2025-09-17 10:08