Core Insights - Digital asset treasuries (DATs) have experienced significant declines in their market net asset values (mNAVs), falling below 1, which impacts their ability to purchase crypto and threatens demand for major cryptocurrencies like bitcoin (BTC) and ether (ETH) [1][2] - Ether DATs are positioned favorably due to staking yield, regulatory clarity, and growth potential, while bitcoin lacks yield, making ether and solana treasuries more attractive [3][6] Group 1 - The mNAV ratio is critical; a decline leads to reduced incentives for firms to buy crypto, affecting demand for BTC, ETH, and solana [2] - The next phase for DATs will focus on differentiation, with successful firms being those that can raise funds cost-effectively, achieve scale, and earn staking yield [3] - Market saturation has led to a surge in BTC treasuries, with nearly 90 firms collectively holding over 150,000 BTC, a sixfold increase this year [4] Group 2 - Ether treasuries have been actively accumulating, with 3.1% of ETH's circulating supply purchased since June, positioning major players like Bitmine to continue expanding their holdings [5] - The dynamics of DAT buying are crucial for crypto markets, as it has been a key driver of BTC and ETH prices in 2025, with ETH expected to benefit from the consolidation pressures facing BTC treasuries [6]