Exploring the Collapse of the DAT Bubble: The Unexpected Decline of 2025's Leading Corporate Crypto Trend

Written by Emily J. Thompson, Senior Investment Analyst

Source: Yahoo Finance

Updated: Nov 15 2025

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Source: Yahoo Finance

Rapid Expansion and Subsequent Collapse: Over 200 public companies adopted Digital Asset Treasury (DAT) strategies in 2025, but many have since seen stock prices plummet by 80%–95%, indicating a potential bubble burst in the crypto market.
Origins and Growth of DAT: The DAT concept originated in 2020 with MicroStrategy's Bitcoin purchases, leading to a surge in companies adopting similar strategies, particularly during a pro-crypto political climate in 2025.
Market Downturn and Consequences: The downturn began in October 2025 when Bitcoin prices fell, causing DAT firms to face significant losses, leading to a cycle of selling assets at a loss and further price declines.
Future of DATs Uncertain: The DAT boom, initially seen as a way to enhance corporate balance sheets, is now questioned as a sustainable model, with many firms trading below their crypto reserves and facing potential insolvency.

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Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.