How many DAT companies have been crushed by this downturn? According to data from artemisanalytics, major global DAT companies have generally fallen into deep unrealized losses during this downturn: • Leading companies like Strategy and Bitmine Immersion Technologies are facing unrealized losses nearing the $9 billion level; • Holding-focused firms such as Twenty One Capital, Bitcoin Standard Treasury, and Metaplanet are seeing losses in the $1–2 billion range; • Even some teams known for their 'stable allocation' strategies have been dragged into negative territory over the past few weeks. The DAT model was originally seen as a way to 'turn crypto assets into balance sheet assets,' but in the face of extreme volatility, it’s now bearing systemic risks that are even more concentrated than the market itself. Note: Chart created on February 6, 2026, at 11:30 AM.