Digital Asset Treasury (DAT) is touted as a major unlock in 2025, with distressed companies being acquired and repurposed as a means of allocating cryptocurrencies. But just one month into 2026, the shortfall for new classes of DATs is nearly $20 billion.
According to Artemis Terminal, the top 20 DATs have lost a cumulative $17 billion as the cryptocurrency market continues to decline.
Tom Lee’s Bitmine Immersion stands out, accounting for almost 44% of that figure, with $7.5 billion in unrealized losses. $ETH Holdings purchased at an average price of $3,900.
Michael Saylor’s strategy is next in line for a massive reason. $BTC The company is down $2.2 billion, even though Bitcoin is only 2.8% below his average acquisition price of $76,000.
DAT Unrealized Gain/Loss – Artemis Terminal
The increase in losses is a result of the continued downward trend in the cryptocurrency market. $BTC and $ETH They fell below $73,000 and $2,100, respectively, early this morning.
According to CoinGecko’s report for Q4 2025, the top 20 DATs account for most of the losses, but there are more than 140 companies with crypto treasury, 76 of which were founded between January and November 2025.
Although many of these companies have not disclosed their exact exposure and leverage, industry experts have warned that the DAT structure could pose significant risks to the crypto market.
Once the DAT model begins to take off in earnest in July 2025, Galaxy Digital’s Mike Novogratz has warned that it could create a “structurally fragile” market environment.
