[Plain Language Guide] In November 2025, the crypto market crashed, wiping out $1.4 trillion. The hardest hit were Digital Asset Treasury (DAT) companies, once seen as “institutional pioneers.”
A reversal in macro forecasts and geopolitical turmoil broke the reflexivity flywheel of DAT companies. Once share prices trade at a discount (mNAV<1.0), the flywheel turns into a death spiral.
MicroStrategy faces a risk of a $11.6 billion sell-off triggered by MSCI’s explicit removal, while Bitmine is on the brink due to aggressive Ethereum bets and “toxic financing.”
All eyes are on MSCI’s decision on January 15, 2026, and the “Crypto Market Structure Act.” In times of crisis, only “capital operators” who understand capital allocation and risk management can survive the next cycle.
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
How much longer can HODL companies last?
[Plain Language Guide] In November 2025, the crypto market crashed, wiping out $1.4 trillion. The hardest hit were Digital Asset Treasury (DAT) companies, once seen as “institutional pioneers.”
A reversal in macro forecasts and geopolitical turmoil broke the reflexivity flywheel of DAT companies. Once share prices trade at a discount (mNAV<1.0), the flywheel turns into a death spiral.
MicroStrategy faces a risk of a $11.6 billion sell-off triggered by MSCI’s explicit removal, while Bitmine is on the brink due to aggressive Ethereum bets and “toxic financing.”
All eyes are on MSCI’s decision on January 15, 2026, and the “Crypto Market Structure Act.” In times of crisis, only “capital operators” who understand capital allocation and risk management can survive the next cycle.
For details, see: