The digital asset treasury (DAT) model has reached fever pitch in 2025. Dozens of new companies have rushed to rebrand themselves as crypto treasuries, with many seeing their stocks skyrocket 1,000% or more in just days. For investors chasing speculative momentum, these newly minted DAT firms have become the latest craze on Wall Street.
But while small players are riding the hype, the sector’s pioneer—Strategy (MSTR)—isn’t sharing in the rally. In fact, MSTR stock has slid 11% over the past month, underperforming its upstart peers. This comes despite Strategy being the original pioneer of the DAT model, with a massive Bitcoin (BTCUSD) “war chest” that has made it the go-to stock for investors seeking leveraged exposure to the cryptocurrency.
