Strategy Lookalikes Loaded Up on Crypto—and Their Stocks Collapsed. What’s Next.

The monthslong slump in cryptocurrencies means one of the flashiest business models of the past year may vanish almost as quickly as it appeared. Around 30 so-called digital asset treasuries, or DATs, hit the public market in 2025. The blueprints varied by company, but the purest form of treasury involved selling equity and debt to fund what was meant to be an endless series of crypto purchases.