The post DATs Face September Losses as mNAVs Collapse appeared on BitcoinEthereumNews.com.

September is showing an uneasy mood across digital asset treasuries (DATs). What began as a year of aggressive accumulation by corporate players has now run into the harsh reality of collapsing market net asset values (mNAVs), investor caution, and punishing stock declines. DATs Holding Top Crypto Assets Are Losing Purchasing Power as September Mutes the Rally Sponsored Sponsored According to Kaiko’s latest report, digital asset treasury companies have been central to crypto’s 2025 rally. Firms like Strategy (MSTR), BitMine, and SharpLink have been steadily accumulating Bitcoin, Ethereum, and Solana, helping to support spot prices and attracting new inflows. Strategy has been the most visible example. In less than nine months, it has added 190,000 BTC, bringing total holdings to over 638,000, almost on pace with its record 2024 purchases. Top Public BTC Treasury Companies. Source: Bitcoin Treasuries. BitMine and SharpLink have mirrored this strategy with Ethereum (ETH), while new entrants are diversifying into XRP, SOL, and even smaller coins like HYPE and ENA. This activity has fueled enthusiasm around listed crypto treasury firms, particularly in Asia-Pacific, where the model has taken off. mNAV Collapse Signals Investor Caution Sponsored Sponsored However, risks are piling up beneath the surface. Artemis Analytics data shows that the mNAV of companies holding BTC, ETH, and SOL has dropped sharply for three consecutive months, hitting a fresh low in September. mNAV by Digital Asset Treasury. Source: Artemis The numbers suggest that, despite accumulation, DATs are bleeding purchasing power as underlying assets fail to offset equity declines. The pressure has been visible in stock performance. BeInCrypto previously reported that Next Technology Holding’s shares (NXTT) fell nearly 5% after the firm filed to raise $500 million for additional Bitcoin purchases. The firm already holds 5,833 BTC, valued at $673 million, but the announcement triggered skepticism rather than confidence.…

---

Filed under: News - @ September 17, 2025 7:29 am