Digital asset treasuries (DAT) were touted as a major unlock in 2025, with struggling companies being acquired and repurposed as crypto allocation vehicles; however, just one month into 2026, the new class of DATs are almost $20 billion in the hole.
According to Artemis Terminal, the 20 largest DATs are down a cumulative $17 billion as the crypto market continues to fall.
Tom Lee’s Bitmine Immersion stands out, accounting for almost 44% of that figure with $7.5 billion in unrealized losses on its ETH holdings, purchased at an average price of $3,900.
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