Financial Times claims "Crypto treasury strategy is collapsing"...

An important news analysis from Financial Times has emerged regarding some issues in the crypto treasure company strategy that started with Bitcoin and quickly continued with Ether and Solana.

In a report by Financial Times on the subject, it was stated that at least 7 DATs, or crypto treasury companies, have initiated share buyback programs in recent weeks, which indicates that the system is gradually showing signs of collapse.

It was also stated that these companies have started to aim to be acquired by other firms. As a reminder, yesterday, the company Strive, owned by former presidential candidate Vivek Ramaswamy who withdrew from the race in favor of Trump, had acquired the Bitcoin treasury company Semler Scientific.

Semler has stood out with Bitcoin purchases in the last year and has accumulated 5818 BTC to date.

"They exist on paper, but..."

The Financial Times also stated in its report that many DAT companies have almost no activities, and the following comment was made:

"This Digital Asset Treasury (DAT) is adopted by many companies that actually have no real business activity, production, or operational profit. These are companies that exist only on paper, generally established to attract investors... Stock prices are not dependent on business activities, but rather on the price movements of the cryptocurrencies they hold."

"They are contradicting themselves"

Elliot Chun, a partner at the crypto consulting firm Architect Partners, also noted in his comments on the news that despite the DAT model only becoming popular 6 months ago, discussions about its collapse have already begun in the market.

"I think very few companies that implement this strategy will be successful. Because many companies have started to raise funds for share buybacks instead of acquiring new crypto. This strategy contradicts the DAT policy, as the essence of DATs was actually for companies to accumulate crypto reserves. But they are no longer doing that."

Among the companies holding Bitcoin, XXI and Kindly MD stand out, while Bitmine and SharpLink are prominent among those holding Ether, and Helius and Forward shine among those holding Solana.

Published: September 23, 2025 16:21Last Updated: September 23, 2025 16:28