Bloomberg: Crypto asset treasury companies pose a new threat to the market following the sell-off.

PANews reported on February 6th, citing Bloomberg, that publicly traded crypto asset treasuries (DATs), which drove the market rally last year, are now facing the risk of a market cascading effect due to increased selling pressure. Data shows that since Bitcoin fell nearly half from its high of $126,000 last October, the median share price of the 150 largest DATs has fallen by 62%, even exceeding Bitcoin's decline.

Hayden Hughes, Managing Partner of Tokenize Capital, points out that DATs (Digital Assets with no operating revenue and relying solely on accumulating crypto assets) will be forced to sell their holdings to maintain operations. This could shake investor confidence in their "long-term hold" narrative, potentially triggering a broader contagion of market sentiment. While some DATs can obtain funding through collateralized lending, small-scale sales, or options strategies, direct selling is not uncommon; for example, companies like Ethzilla Corp. and FG Nexus have recently sold off portions of their holdings. Hughes believes the biggest risk is not the direct selling pressure on DATs, but the confidence shock caused by the collapse of their "permanent accumulation" narrative. If the continued decline in DATs prices resonates with outflows from Bitcoin ETFs, the price of Bitcoin could further fall to the $50,000 to $55,000 range.