A $25 Billion Crypto-Hoarding Craze Is Testing Market Nerves

Digital-asset treasury firms have announced plans to raise a combined $79 billion so far in 2025

- Bloomberg

The rush to convert listed companies into vehicles for buying cryptocurrencies has reached such a fever pitch that even executives backing such deals are warning of potential fallout for digital-asset prices.

So-called digital-asset treasury firms, or DATs, have announced plans to raise a combined $79 billion so far in 2025 just for Bitcoin purchases, according to advisory firm Architect Partners. But it's the trend of expanding into smaller tokens—along with the sheer number of such efforts—that has market participants on edge.

While the movement helped fuel a rebound in altcoins from April lows, the worry is that a sharp reversal in prices could prompt some entities to dump their holdings, exacerbating any selloff. One potential trigger for such selling is a steep drop in DAT shares that pushes their market values materially below net asset values, executives said.