Crypto Market Melts Down – Yet One DAT Is Still in Profit as BTC, ETH, and SOL Treasuries Diverge Sharply

The crypto market suffered a severe pullback this week, wiping nearly $100 billion from global capitalization in 24 hours and sending digital-asset treasury companies (DATs) deep into the red.

Bitcoin traded around $82,864 after a volatile session, falling as much as 10% in 24 hours as broader market fear deepens.

Ethereum hovered near $2,683 after slipping to a four-month low, while Solana steadied at $124.57, falling by 10% in the last 24 hours and 31% in the last 30 days.

The total crypto market capitalization stands at $2.92 trillion, and, according to CoinGlass data, more than 416,000 traders closed their positions over the past 24 hours, which saw more than $2.24 billion liquidated from the overall crypto market.

The market downturn is beginning to show sharply inside the books of major digital asset treasuries (DATs), with only a handful still in positive territory.

Bitcoin DATs Bleed Red—But the Biggest Holder Still Sits on $6.1B in Unrealized Gains

Strategy remains the standout. The firm holds 649,870 BTC, acquired at an average of $74,433, leaving it with more than $6.15 billion in unrealized gains even after Bitcoin’s decline.

Most other large holders are under pressure. Marathon Holdings’ 53,250 BTC position is down 23.7% over the past three months, while Metaplanet’s 30,823 BTC now sit nearly $774 million below cost.

With stocks trading at discounts to their underlying Bitcoin, several firms have turned to buybacks.

Metaplanet launched a $500 million program in late October. Strive approved a $500 million repurchase, and Block authorized $5 billion in new buybacks on November 19.

Steeper Losses for ETH Treasuries—Here’s How the Major ETH DATs Are Faring

Losses are even deeper among ETH-heavy corporate treasuries. Bitmine holds 3,559,879 ETH worth $9.75 billion and is now sitting on a $4.52 billion unrealized loss (-31.67%).

SharpLink has seen its $2.33 billion treasury fall 27.4% in three months. The firm holds 859,853 ETH, valued at $2.33 billion, leaving a $773.9 million unrealized loss (-24.9%).

Also, Bit Digital, with its $416.7 million treasury, is down 24.7%. It holds 153,546 ETH, posting a $51.4 million loss (-11%).

ETHZilla recently sold $40 million in ETH to support a $250 million buyback. Data from Capriole Investments shows that these companies have seen negative returns of 25% to 48% on their ETH holdings. The top 10 DATs are in the red in the weekly and daily time frames.

Solana and Other Altcoin DATs Also Feel the Pressure as Market Volatility Deepens

Solana-focused firms are also split. Forward Industries, holding 6.83 million SOL at an average cost of $232 per SOL, is down 44.8%, while Upexi faces a 17% loss.

In contrast, DeFi Development Corp. remains in profit, with 2.19 million SOL valued at $275.23 million, producing a 16.3% unrealized return.

Amid falling equity prices, Solana treasuries have also turned to buybacks. Forward Industries approved a $1 billion plan on November 3, while Upexi authorized a $50 million share repurchase program on November 13.

Broader treasury books show similar strain. Galaxy Digital is carrying $660.7 million in unrealized losses, including $561.5 million on BTC. CEA Industries is down 4.7% on BNB, while Nano Labs remains up 104%.

Across the sector, mNAV ratios have slipped below 1, indicating that many DATs now trade at a slight discount to the value of their underlying assets.

DATs at a Crossroads: More Liquidations Ahead or a Bounce Back into Accumulation?

Analysts and traders are warning that treasury companies could become forced sellers. Several DATs have already begun liquidating assets. FG Nexus sold 21% of its ETH holdings this week, while Nakamoto dumped 367 BTC.

Market commentators describe a growing risk that companies holding crypto far above current prices may sell to raise cash and stabilize share prices.

The sell-off has been amplified by macro pressures. Large funds have rotated into gold, healthcare, and defensive equities as year-end positioning favors lower-risk assets.

U.S. investors have been consistent net sellers of Bitcoin in November, with ETF flows turning negative for three consecutive weeks.

The Coinbase Premium Gap briefly fell to -$90, indicating strong domestic selling pressure.

For DATs, the next phase depends on whether the downturn deepens. Continued declines could trigger more corporate selling, especially among firms whose stock prices now trade below the value of their crypto holdings.

However, a sharp rebound could draw fresh entrants back into treasury accumulation, repeating the cycle that helped fuel the sector’s rise earlier this year.

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