加密货币暴跌掀起连锁风暴 “数字资产国债公司”集体“躺枪”股价狂泻

Group 1 - The median stock price of "digital asset treasury companies" (DATs) has plummeted by 62% over the past year, significantly outpacing the decline of Bitcoin [1] - Many DATs companies' stock prices have fallen below their net asset value, indicating that shareholders would receive more if the companies were liquidated [1] - The market sentiment has shifted from the previous enthusiasm for DATs, with analysts describing them as another speculative bubble that has now burst [1][2] Group 2 - The median return for DATs listed in the US and Canada has decreased by 20% in 2026, while the S&P 500 index has seen a median return increase of 5% during the same period [2] - Analysts suggest that DATs are no longer attractive to investors, as companies must generate excess returns to justify stock prices above the underlying crypto assets [2] - Companies like Empery Digital Inc. and ETHZilla Corp. have begun selling Bitcoin to buy back undervalued shares or repay debts, a strategy previously considered unthinkable [2] Group 3 - Some DATs companies, such as Strategy Inc., have strong balance sheets to withstand the current downturn, while others are seeking mergers or acquisitions to survive [3] - Smaller DATs companies face default risks if they are not acquired by larger firms, as they typically rely on debt or securities to fund their cryptocurrency purchases [3] - Analysts believe that investors are beginning to realize that direct ownership of Bitcoin is preferable to investing in DATs [3]