The month-long decline in cryptocurrency prices has not only affected mainstream assets like Bitcoin and Ethereum but has also caused significant losses for Digital Asset Treasury Companies (DATs) that have incorporated digital assets into their balance sheets and made accumulating cryptocurrencies their core business model.
This is one of the main conclusions from a recent social media analysis by on-chain data company CryptoQuant. The report uses the treasury company Evernorth, which focuses on XRP, as an example to highlight the risks faced in this sector.
Reportedly, just weeks after acquiring the asset, Evernorth experienced an unrealized loss of about $78 million on its XRP position.
This wave of correction has also severely impacted the stock of Strategy (MSTR), a company that was one of the first to establish a Bitcoin treasury. According to Google Finance data, the company's stock price has dropped over 26% in the past month as Bitcoin prices continue to decline. CryptoQuant data shows that MSTR's stock price has fallen 53% from its historical peak.
According to BitcoinTreasuries.NET, Strategy still holds substantial unrealized gains on its Bitcoin reserves, with an average cost of about $74,000 per Bitcoin.
Meanwhile, according to CryptoQuant, BitMine, the largest holder of Ethereum, currently has about $2.1 billion in unrealized losses on its Ethereum reserves.
Industry data indicates that BitMine currently holds nearly 3.4 million ETH, having acquired over 565,000 in the past month.
Digital Asset Treasury Companies (DATs) have received increasing attention in recent months. Analysts warn that the market value of these companies is becoming increasingly correlated with the performance of the cryptocurrencies they hold.
Some analysts, including the venture capital firm "Breed," believe that only the strongest participants will survive. They point out that treasuries focused on Bitcoin may be the most capable of avoiding a potential "death spiral." They state that this risk stems from the collapse of the market net asset value (mNAV) — a metric used to compare the relationship between a company's value and the market value of its invested cryptocurrencies.
Some have likened the rise of Digital Asset Treasury Companies to the early 2000s internet bubble, where both long-term visionaries and short-term opportunists drove this phase of development.
Ray Youssef, founder of the peer-to-peer lending platform NoOnes, predicts that due to market pressures, most digital asset treasuries will ultimately perish or collapse.
Related: Analysts: Bitcoin (BTC) dominance may continue to decline for weeks, signs of altcoin season have quietly emerged.
Original: “CryptoQuant: Evernorth's unrealized XRP losses expose increasing pressure on DATs”
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