Morning Minute is a daily newsletter published by: tyler warner. The analyzes and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to Morning Minutes on substack.
GM!
Today’s top news:
- Cryptocurrency giants were in a frenzy over the weekend. BTC temporarily lost $94,000, then rebounded
- Cryptocurrency fear and greed remains deep in extreme fear
- Tom Lee’s BMNR appoints new CEO amid stock price drop of 46%
- Harvard University added approximately $350 million in Bitcoin via IBIT in Q3, an increase of 257% QoQ
- Monad public sale begins today on Coinbase Token Sales with $2.5 billion FDV
๐DAT meltdown has begun
The major cryptocurrencies may be in a dire situation right now.
However, it is not as bad as Crypto DAT. And that’s a big concern for many people.
๐What happened
latest leg down Bitcoin and Ethereum Public companies that have built their entire business models around the purchase of digital assets, such as digital asset treasury companies (DATs), are also affected.
Saylor’s Strategy has made headlines and is now down more than 50% from its yearly high of $455 (currently $200).
One of Metaplanet’s other major Bitcoin DATs is down nearly 80%.
The situation in the ETH treasury is even worse. Sharplink (SBET) has “plummeted nearly 90%” from its 2025 high (70% from its local high). Tom Lee’s $11 billion ETH Treasury stake through BMNR is down about 34% in the latest ETH slide.
Combine that and you get a brutal image.
- BTC: ~20% down from 2025 ATH
- Strategy: ~50% down
- Metaplanet: ~80% reduction
- ETH: 36% decrease from 2025 ATH
- SharpLink: approximately 70% reduction
- BitMine: ~46% decrease
And some places have already returned to sales.
- ETHZilla (ETH-centered DAT) sold about $40 million of ETH, about 10% of its treasury, to fund share buybacks.
- Sequans (BTC-centric DAT) sold about 970 BTC, about 30% of its Bitcoin stack, to pay off convertible debt
The sell-off has sparked concerns that other major companies will be forced to participate.
๐ฃ๏ธ What do they say
โDAT stock trading below the value of the crypto holdings means that the market no longer rewards DAT stock for large accumulations as it once did. While this does not eliminate DAT stock, it does put DAT stock under real pressure, as trading below the value of its holdings could force it to sell some of its holdings to cover costs.โ – Yaroslav Patsira, CEX.IO Fractional Director
โFor the stronger Bitcoin names, this looks more oversold than over. Bitcoin-focused Treasuries with clean balance sheets have held up better than multi-asset DATs, many of which are chasing higher-risk tokens.โ – Fakhr Miah, Managing Director, Gomining Institutional
๐ง Why is it important?
Here you can summarize the entire DAT transaction in one statement. mNAV has completely compressed to levels well below 1 for all crypto majors and is now trading close to 80% for most crypto majors.
This means that the value of DAT is trading at a lower price than the total value of the digital assets held by DAT.
Many predicted that this would be the end result for DAT, which would trade below spot (because there are people who pay a premium to the holding company for the underlying asset alone). However, few people thought that the situation would end so quickly.
Now the question is, what happens from here?
Many of the smaller, more exotic (i.e. riskier tokens) DATs may continue to be sold. Some people find it relaxing. You may be able to obtain some of them.
But the biggest players (Strategy, BMNR, SBET) will survive. The ETH strategy led by Joe Rubin and Tom Lee is still in its early stages and has yet to really unlock the yield-generating benefits of the ETH balance sheet.
And Saylor has been doing this for so long that it’s effectively dingy and hard to see a path to self-destruction.
That being said, if bearish price action continues, even the best of DATs could certainly cause more pain in the short term.
After this drawdown, potential buyers will likely need more convincing to buy, so DAT leaders will need to fine-tune their pitch during this downturnโฆ
๐ Macro Codes and Memes
Some crypto and Web3 headlines that caught my eye:
- The major cryptocurrencies were mostly flat over the weekend after Bitcoin briefly lost $94,000. BTC even at $95,400. ETH +1% for $3,180, BNB also $930, SOL +2% for $142
- UNI (+4%), IMX (+4%), ENA (+4%) leading top move
- ZEC temporarily rebounded above $700 Covey returns on Sunday after sharing his thoughts on the nuts and bolts behind the latest pumps.
- Cryptocurrency fear and greed Extreme fear status remained at 14 after dropping to 10 on Friday.
- JP Morgan Based on mining costs and potential upside towards $170,000, we see Bitcoin support at around $94,000
- harvard university Approximately $350 million in Bitcoin was added via IBIT in the third quarter, an increase of 257% from June’s report, according to the latest report.
- BlackRocks BUIDL Fund Expanding to Binance and BNB
For corporate bonds/ETFs
- Tom Lee’s Bitmine Chi Tsang appointed as new CEO, replacing Jonathan Bates
- Trump brothers’ US Bitcoin stocks Riding on Q3 revenue surge to counter broader miner and DAT weaknesses
Meme/on-chain mover
- meme coin leader It was mostly flat over the weekend, but fell 10-20% during the week. DOGE even, Shiba even, PEPE +1%, PENGU -1%, BONK -3%, TRUMP -1%, SPX -2%, FARTCOIN +3%
- 67 (up 20% to $18 million) and ORE (+35%) led the Solana on-chain mover. Pumpcade +45% to $11 million
๐ฐ Tokens, Airdrops and Protocol Trackers
Here’s a summary of the day’s key token, protocol, and airdrop news:
- Monad public token sale starts today At 9am ET, Coinbase Token Sale sells 7.5% of token supply for $2.5 billion FDV
- Polymarket In October, it registered 15.8 million visitors and ranked 5th among trading and gambling apps
- recto drink Announcement of availability at 200 Giant Eagle stores in the Midwest
๐ What’s happening with NFTs?
Here’s a list of the day’s other notable headlines regarding NFTs:
- NFT leader Most are red and continue to decline. Punks is -1% at 31.3 ETH, Pudgy is -1% at 5.37 ETH, BAYC is also at 6.3 ETH. Hypurr +3% on 705 HYPE
- chromie squiggles (+25%) and Mocaverse (+15%) were the top moves
- cryptopunk floor It briefly fell below $100,000 over the weekend and has fallen more than 50% in the past five weeks.
