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Crypto treasury companies near $340B as altcoin-linked DATs surge
The Block says cumulative market cap for crypto digital asset treasury companies rose 10% since mid-August and remains well below about $490B during bitcoin’s late-2025 all-time high.
Crypto digital asset treasury companies, or DATs, have gained attention among crypto equities, with cumulative market capitalization up 10% since mid-August and hovering around $340 billion, according to The Block’s Data and Insights newsletter.
The outlet attributes investors’ interest to DATs’ “buy and hold” approach, where companies acquire cryptocurrencies with raised capital at a premium and use leverage to buy additional tokens in an effort to amplify returns.
Performance has varied across DATs: established names such as Strategy (MSTR) and Bitmine (BMNR) are up 30% and 27%, generally tracking price moves in their underlying bitcoin and ether, and Strategy has even outperformed BTC by 10% since August 17.
The Block highlights that newer, altcoin-linked DATs have fared especially well, with Hyperliquid-linked PURR and Zcash-linked CYPH tracking tokens that rose strongly, including HYPE up 36% and ZEC up 56%, while PURR and CYPH returned 62% and 142%, respectively. It also notes that DATs are expanding beyond bitcoin-linked models by staking ETH, running validators, and operating mining to contribute to network functions.
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