Morning Minute: The DAT Meltdown Is On – Decrypt

Morning Minute is a each day publication written by Tyler Warner. The evaluation and opinions expressed are his personal and don't essentially mirror these of Decrypt. Subscribe to the Morning Minute on Substack.GM!At present’s prime information:
Crypto majors chop over weekend; BTC briefly loses $94k earlier than rebounding
Crypto Concern & Greed stays deep in Excessive Concern
Tom Lee’s BMNR appoints new CEO amidst 46% share decline
Harvard provides ~$350M in Bitcoin through IBIT in Q3, up 257% on the quarter
Monad public sale goes dwell immediately at $2.5B FDV on Coinbase Token Gross sales
📉The DAT Meltdown Is OnCrypto majors is likely to be down unhealthy proper now.However not as unhealthy because the Crypto DATs. And it’s a serious concern for a lot of.📌 What HappenedThe newest leg down in Bitcoin and Ethereum has spilled over into the general public corporations (digital asset treasury corporations, or DATs) that created their complete enterprise fashions round shopping for them.Saylor’s Technique has captured the headlines, now down over 50% from its intra-year excessive at $455 (now $200).One of many different main Bitcoin DATs in Metaplanet is down near 80%.The ETH treasuries have it even worse. SharpLink (SBET) has “plummeted almost 90%” from its 2025 highs (70% from native excessive). Tom Lee’s $11B ETH treasury guess through BMNR is now down roughly 34% within the newest ETH slide.Put it collectively and also you’ve received a brutal image:
BTC: down ~20% from the 2025 ATH
Technique: down ~50%
Metaplanet: down ~80%
ETH: down 36% from 2025 ATH
SharpLink: down ~70%
BitMine: down ~46%
And a few have already reverted to promoting.
ETHZilla (ETH-focused DAT) offered about $40M of ETH, roughly 10% of its treasury, to fund a share buyback
Sequans (BTC-focused DAT) offered about 970 BTC, roughly 30% of its Bitcoin stack, to pay down convertible debt
That promoting has pushed broad concern that different main gamers will probably be pressured to affix.🗣️ What Are They Saying“When DAT shares commerce beneath the worth of their crypto holdings, it means the market is not rewarding them for outsized accumulation in the identical manner it as soon as did. This doesn’t make them lifeless, however they're below actual stress, as buying and selling beneath their holdings might power them to promote a few of their holdings to cowl prices.” – Yaroslav Patsira, Fractional Director at CEX.IO“For the stronger Bitcoin names, this seems to be extra oversold than completed. Bitcoin-focused treasuries with cleaner stability sheets are holding up higher than multi-asset DATs, a lot of which chase higher-risk tokens.” – Fakhul Miah, Managing Director of Gomining Institutional🧠 Why It MattersHere’s your complete DAT commerce may be summarized in a single assertion—mNAV has fully compressed to nicely beneath 1 for all of the crypto majors, and now's buying and selling nearer to 80% for many.Which means the worth of the DAT is buying and selling at lower than the mixed worth of the digital belongings they maintain.Many prophesied that this could be the tip results of the DATs, to commerce beneath spot (as a result of why would somebody pay a premium for a holding firm vs simply the underlying asset). However few thought it might unwind this quick.Now the query is—what occurs from right here?Extra of the smaller and extra unique (i.e. riskier tokens) DATs will probably proceed to promote. Some will unwind. Some could also be acquired.However the greatest gamers (Technique, BMNR, SBET) will survive. The ETH methods led by Joe Lubin and Tom Lee are nonetheless of their infancy and haven’t even actually unlocked the yield-bearing advantages of their ETH stability sheets.And Saylor has been doing this so lengthy, he’s successfully lindy and laborious to see his path to implosion.With that stated, it might definitely be much more near-term ache for even the very best DATs if the bearish worth motion continues.Potential consumers will probably want much more convincing to purchase after this drawdown, so the DAT leaders had higher be fine-tuning their pitches throughout this downturn…🌎 Macro Crypto and MemesA few Crypto and Web3 headlines that caught my eye:In Company Treasuries / ETFsIn Memes / Onchain Movers💰 Token, Airdrop & Protocol TrackerHere’s a rundown of main token, protocol and airdrop information from the day:
Monad’s public token sale goes dwell immediately at 9 am ET on Coinbase Token Gross sales, promoting 7.5% of the token provide at $2.5B FDV
Polymarket registered 15.8M guests in October, rating fifth amongst buying and selling and playing apps
Rekt Drinks introduced a launch throughout 200 Big Eagle shops within the midwest
🚚 What is going on in NFTs?Right here is the checklist of different notable headlines from the day in NFTs:
NFT leaders have been principally crimson and persevering with their decline; Punks -1% at 31.3 ETH, Pudgy -1% at 5.37, BAYC even at 6.3 ETH; Hypurr’s +3% at 705 HYPE
Chromie Squiggles (+25%) and Mocaverse (+15%) have been prime movers
The CryptoPunk flooring briefly fell beneath $100k over the weekend, down over 50% previously 5 weeks
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