Overview

• Public DATs now control roughly 4.0% of Bitcoin, 3.1% of Ethereum and 0.8% of Solana, underscoring their market impact, according to Standard Chartered.
• Many DATs’ market-to-NAV ratios have slipped below 1, limiting their ability to raise funds and continue the net buying that lifted crypto prices earlier in 2025.
• Standard Chartered expects a phase of differentiation and possible consolidation, with crowded Bitcoin treasuries—nearly 90 copycats holding over 150,000 BTC—most vulnerable.
• In a consolidation scenario, incumbents such as Strategy could buy rivals, leading to coin rotation rather than fresh spot demand, the bank’s note argues.
• BitMine disclosed a 2.15 million ETH stack, the largest ETH treasury, while SharpLink holds about 837,230 ETH, reinforcing Ethereum’s advantage among DATs.