Crypto Treasury Firms Regain Balance—And Strategy, BitMine Keep Buying

Grayscale says crypto treasury firms are likely to remain a permanent fixture of the investing landscape as they diversify into new business lines. DATs Stabilized Through Strategic Approaches In a post on March 26, Grayscale head of research Zach Pandl noted that DATs surged last year as strong valuations enabled aggressive token accumulation and inspired similar firms. However, by late 2025, momentum weakened as many shares traded below their underlying crypto values, raising questions about sustainability and even prompting concerns that some firms could be excluded from benchmark indices. More recently, DATs have regained stability by improving capital structures, generating yield through staking and decentralized finance. Examples include Strategy (NASDAQ:MSTR), which shifted its financing approach toward preferred shares and increased its U.S. dollar reserve fund, and Forward Industries (NASDAQ:FWDI), which took out a loan to repurchase shares. Ethereum-focused firms such as Bitmine Immersion (NYSE:BMNR) and Sharplink Gaming, (NASDAQ:SBET) have continued staking assets and expanding into investments and acquisitions, while Bitcoin-focused firms like Nakamoto and ProCap are also pursuing strategic acquisitions. Crypto Treasury Firms Still Accumulate Despite earlier volatility, forced liquidations among DATs have remained rare, and many continue to accumulate digital assets. Grayscale said these points point to a maturing segment of the market that offers both benefits and trade-offs compared with crypto exchange-traded products. Data from CoinGecko showed the total value of corporate crypto treasuries rose 1.8% over the past 24 hours to $99 billion. Strategy added 44,377 Bitcoin (CRYPTO: BTC) over the past 30 days, including 1,031 BTC purchased on March 23, even as Bitcoin prices fell about 4% over the week. Meanwhile, Bitmine Immersion increased its Ethereum (CRYPTO: ETH) holdings by 238,244 ETH, including a 65,341 ETH purchase on March 23, despite a similar decline in Ethereum's price. Image: Shutterstock