Crypto digital asset treasury companies have posted divergent returns since the start of the current bull market, with some outperforming major cryptocurrencies while others struggle to match gains.
Cumulative market capitalisation for digital asset treasuries (DATs) has risen 10% since mid-August, reaching approximately $340 billion. This marks a recovery from the $490 billion peak recorded in October and November of last year, though it remains below that high.
Established DATs such as Strategy (MSTR) and Bitmine (BMNR) have delivered strong returns, with gains of 30% and 27% respectively since August 17. In contrast, newer altcoin-focused DATs like CYPH and PURR have surged by 142% and 62%, despite weaker performance in their underlying tokens, including Zcash (ZEC) and Hyperliquid (HYPE).
The disparity highlights differing strategies within the sector, with some firms leveraging exposure to Bitcoin and Ethereum while others focus on altcoins. ZEC itself has risen 56% since August, and HYPE has climbed 36%, though their gains lag behind those of the DATs tracking them.
Analysts suggest the performance gap reflects varying levels of liquidity, market positioning and investor sentiment towards different asset classes within the crypto ecosystem.
Written by Oliver Grant
Markets Desk
