Crypto treasury bets are entirely unprofitable

Corporate bets on crypto treasuries are roundly unprofitable as the market remains under pressure.

Of the over 20 digital asset treasury firms tracked by blockchain analytics firm Artemis, every single one has an unrealized loss with a cost basis exceeding the spot prices of its holdings. The total unrealized loss of these firms amount to more than $19 billion.

Ethereum-focused firms BitMine Immersion Technologies, SharpLink Gaming, and The Ethereum Machine have a combined unrealized loss of $9.7 billion, compared to bitcoin-based companies Strategy, Twenty One Capital, and Bitcoin Standard, whose figure stands at $5.6 billion. 

Hyperion DeFi, which is building out its treasury with the native token of Hyperliquid, Hype, has the smallest unrealized loss of $9.3 million. 

“DATs [digital asset treasuries] are likely to consolidate, and expand their balance sheet by buying another DAT trading at a discount instead of further diluting their equity at current prices,” according to Mario Stefanidis, fundamental research lead at Artemis. The merger between Strive and Semler Scientific represents what a merger and acquisition in the industry can look like, Stefanidis said. 

“DATs trading meaningfully below all-time highs is not concerning in itself. However, investors who purchased into the complex at 3x mNAV [market-adjusted net asset value] only to experience a compression in parity along with a 40% drop in the underlying are severely underwater,” Stefanidis told Sherwood News. “These ‘burned’ investors are unlikely to underwrite future purchases of DATs at a premium to mNAV, having lost faith and capital in the complex.”

The cost basis of these firms is also unlikely to improve in the current market conditions, as crypto purchases have dropped off. “For ETH DATs for example, purchases peaked in August 2025 with 1.6 million ETH purchased in that month alone. Most recently in Jan 2026, net purchases were just 137K,” added Stefanidis.