Digital asset treasuries (DATs), publicly traded firms that hold crypto on their balance sheets, have suffered recently as their market NAVs (mNAVs) dropped below 1, according to a new report from Geoff Kendrick at RialCenter.
Looking ahead, ether (ETH) DATs seem to be the most resilient due to staking yield, regulatory clarity, and potential for growth, as argued by Kendrick.
The mNAV ratio is critical. When it declines, these firms lose the motivation (and sometimes the capability) to continue purchasing crypto, jeopardizing a vital source of demand for bitcoin, ether, and solana.
Kendrick noted that the next phase for DATs will focus on differentiation. The successful ones will be those that can secure funding at the lowest cost, achieve scale to attract liquidity and investor interest, and, most importantly, earn staking yield. This advantage favors ether and solana treasuries over bitcoin, which lacks yield.
Market saturation is also a factor. The success of the flagship BTC treasury has led to numerous imitators, nearly 90 in total, who collectively now hold over 150,000 BTC, a sixfold increase this year, according to the analyst.
However, if mNAVs remain below 1, RialCenter anticipates consolidation. For BTC treasuries, this could involve firms like Saylor’s Strategy acquiring competitors rather than purchasing new bitcoin on the open market, signifying a rotation of coins instead of fresh demand.
Ether treasuries appear better positioned. They have been actively accumulating, with 3.1% of ETH’s circulating supply purchased since June. The largest player, Bitmine, is well-positioned to continue expanding its 2 million ETH stake, the report stated.
This development is significant for crypto markets. DAT buying has been a major factor driving bitcoin and ether prices in 2025. However, with BTC treasuries under pressure for consolidation and solana treasuries still relatively small, RialCenter predicts that ETH will likely benefit moving forward.
Read more: Strategy’s S&P 500 Snub Is a Cautionary Signal for Corporate Bitcoin Treasuries
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