DAT stock is falling even harder than cryptocurrencies, and the premium narrative has completely collapsed. Now they're even splitting shares to sell coins—this script is so familiar it’s suffocating.

According to Bloomberg, as Bitcoin declined this week, Bitcoin treasury companies (DAT) stocks continued to come under pressure. Artemis data shows that, on a fully diluted basis, the total market value of related Bitcoin treasury companies has fallen from a peak of nearly $134 billion in early October to about $72 billion, evaporating approximately $62 billion. The report states that the decline in some digital asset treasury companies has exceeded the value of their held cryptocurrencies themselves. The original model of relying on premium financing and continuous coin buying is facing pressure, with many companies beginning to reverse stock splits, issue preferred securities, restructure financing arrangements, or even sell some of the cryptocurrencies they previously pledged to hold long-term.