Is the narrative of the altcoin DAT coming to an end? Multiple encryption treasury companies have mNAV consistently below 1.

After the big dump in the crypto market on 10/11, we analyze the resilience of ALT DAT companies and explore whether the digital asset treasury strategy has really come to an end? This article is sourced from a piece by 100y/Four Pillars, organized, translated, and authored by ODIG Invest and PANews. (Background: Will the sale of $40 million worth of Ethereum by ETHZilla to repurchase stocks trigger a dumping chain reaction for DAT?) (Background information: Japan's first Ethereum treasury, Quantum Solutions, has received investment from the “queen of stocks”! In 7 days, 2,365 ETH were purchased, ranking 11th globally in Ethereum DAT) We are currently in the DAT season of ALT (Altcoin) (DAT, “Digital Asset Trust” or “Digital Asset Treasury,” is a corporate strategy that takes the accumulation of digital assets as its core and primary business function). Since BitMine in July 2025, a large number of ALT DAT companies have emerged (Digital Asset Treasury (DAT) is a corporate strategy that takes the accumulation of digital assets as its core and primary business function), but they have not yet experienced a true market downturn pressure test. Against this backdrop, on October 10, 2025, the crypto market experienced a historic crash. The general view is that the stock prices of ALT DAT companies will fall more sharply than their corresponding tokens. But is that really the case? This article will analyze the resilience of ALT DAT before and after this crash by comparing mNAV (market net asset value multiple), stock performance, and token price changes. Original report: 1. ALT DAT Season (The Digital Treasury Season of Altcoins) DAT is one of the most important keywords in the 2025 crypto market. In July 2025, the emergence of BitMine and Tom Lee brought the concept of “ETH DAT Company” widely into the market. Seizing this opportunity, numerous companies and investors quickly collaborated to create DAT not only for blue-chip altcoins (such as SOL, HYPE, SUI, ENA) but also for meme coins (such as DOGE, BONK), and even tokens (such as 0G) that have not yet undergone TGE. They adopted various financing mechanisms, such as ATM (issuance mechanism), PIPE (directed investment), and SPAC (reverse merger). These companies not only purchased tokens from the foundation at preferential terms but also actively participated in staking and DeFi operations, even collaborating with ecological projects to launch diversified business layouts through aggressive strategies. There has been widespread discussion in the market regarding the legitimacy of ALT DAT companies. However, from a macro perspective, whether enhancing accessibility or utilizing volatility to create opportunities, they are not essentially different from blue-chip DAT companies like BTC and ETH. Although ALT DAT is indeed more susceptible to the decline in the underlying asset prices compared to blue-chip DAT strategies, their close collaboration with foundations, staking and DeFi activities, and higher token accumulation convenience can become potential advantages. Despite the various risks associated with ALT DAT having been discussed previously, they have never experienced a true stress test. Until October 10, 2025, when the crypto market encountered an unprecedented dump. 2. 10/11 Dump: Is the ALT DAT Season Over? 2.1 10/11 Dump On October 10, 2025, U.S. President Trump announced an additional 100% tariff on Chinese goods, leading to an unprecedented crash in the cryptocurrency market. On that day, the total liquidation of long positions across major exchanges reached $19 billion, setting a record for the largest single-day liquidation in crypto market history. Among representative assets, BTC fell by 16%, ETH by 21%; even relatively large market capitalization altcoins, SOL and BNB, plummeted by 25% and 32%, respectively. ATOM crashed by 99% on Binance due to liquidity issues, briefly touching $0.001. October 10, 2025, became an extremely brutal day for Altcoins. 2.2 Is the ALT DAT Season Over? When altcoins collapsed, what happened to the stock prices of those DAT companies holding them? In fact, many ALT DAT companies continued to operate their original businesses, but after shifting to the ALT DAT strategy, their core focus had changed to accumulating Altcoins and using them in blockchain-related businesses. Therefore, the stock prices of ALT DAT companies are naturally highly sensitive to the prices of altcoins. Consequently, based on the closing data of October 10 and October 13, we compared the price changes of Altcoins and DAT company stocks. Additionally, we analyzed the changes in mNAV and summarized the sensitivity of stock prices to Altcoin price fluctuations in the table above. An unfortunate situation is that the market crash on October 10 occurred after the close of the U.S. stock market. Over the weekend, the crypto market rebounded significantly, while U.S. stocks were unable to trade. Therefore, the impact of this crash was not fully reflected in the stock prices of ALT DAT companies. 2.2.1 mNAV Analysis mNAV Gainers: MSTR (BTC), BMNR (ETH), DFDV (SOL), UPXI (SOL), SUIG (SUI), TRON (TRX), LITS (LTC), IPST (IP), ZONE (DOGE) mNAV Decliners: SBET (ETH), HYPD (HYPE), TONX (TON), BNKK (BONK) mNAV is an indicator used to measure a company's valuation relative to the value of its held Altcoin assets. For DAT models that focus purely on asset management as their core business, an mNAV of 1 is considered normal. However, due to differences in the existing business scale, management capabilities, financing methods, and underlying asset types among companies, mNAV values naturally vary. Interestingly, except for a few cases, most companies saw a slight increase in mNAV after the market crash. Even for those companies whose mNAV declined, the drop was quite limited, except for BNKK. 2.2.2 Sensitivity Analysis Sensitivity > 1: BMNR (ETH), DFDV (SOL), UPXI (SOL), HYPD (HYPE), TONX (TON), BNKK (BONK) Sensitivity < 1: SBET (ETH), LITS (LTC), ZONE (DOGE) Negative Sensitivity: MSTR (BTC), SUIG (SUI), TRON (TRX), IPST (IP) Market participants generally view DAT companies as leveraged tools for their underlying tokens. In reality, VanEck's report…