As of May 30, more than 200 digital asset treasury, or DAT, companies worldwide held over 1.24 million BTC with a combined book value of about $91.5 billion. The pullback in Bitcoin from $87,000 at the start of the year to around $73,500 pushed the top 20 DAT firms into more than $17 billion in unrealized losses at one point, while over half of them saw mNAV fall below 1.0.
Strategy, Metaplanet and BitMine take the heaviest hit
Strategy remains the largest DAT holder, with 843,738 BTC acquired at a total cost of $63.87 billion, or roughly $75,700 per coin. Based on Bitcoin's price on May 30, that stash was worth about $62 billion, leaving the company with an unrealized loss of roughly $1.9 billion. Its mNAV has also dropped from a 3.4x peak in 2025 to 0.98, meaning the market is valuing the company below the net value of its Bitcoin holdings.
That matters because Strategy's expansion model depended on a premium valuation. The company had been using a loop of issuing stock or convertible debt while mNAV stayed above 1, then buying more BTC and benefiting from a higher equity valuation. Once mNAV slips below 1, new issuance becomes dilutive for existing shareholders.
Japan-listed Metaplanet (3350.T), the largest DAT player in Asia, is also under strain. It holds 40,177 BTC at an average cost of about $104,106, translating into an unrealized loss of roughly $640 million. Its mNAV stands at just 0.86. The company reported a first-quarter net loss of 114.5 billion yen, or about $726 million, and the source material says it has paused additional Bitcoin purchases.
On the Ethereum side, BitMine Immersion (BMNR) stands out for the depth of its drawdown. The company holds about 1.7 million staked ETH at an average cost near $3,900. With ETH priced at $2,017, the unrealized loss exceeds $3.2 billion. That single company accounts for nearly 44% of the combined losses among the top 20 DAT firms.
A few firms are still sitting on gains
Only a small number of DAT companies remain in positive territory on paper. Among firms holding HYPE, HYPD (Hyperion DeFi) is showing an unrealized gain of about $49 million, while PURR (Hyperliquid Strategies) is up roughly $1.22 billion.
Elsewhere, SpaceX bought BTC at a cost of $386 million and now holds a position worth about $1.37 billion, for an unrealized gain of around $990 million and a return above 256%. Coinbase (COIN), which holds 16,492 BTC, is also in the black on its crypto position, though its 33.68x mNAV reflects exchange-related valuation rather than Bitcoin exposure alone.
Bitcoin miners appear relatively stronger. MARA Holdings owns 35,303 BTC, Riot Platforms 15,680 BTC, and CleanSpark 16,331 BTC. Their mNAV multiples stand at 2.65x, 9.34x, and 4.93x, respectively. According to the source, those premiums are tied to mining capacity, power contracts, and AI data center conversion plans, not just crypto price moves.
The DAT trade is moving into a harsher phase
Pantera Capital described 2026 at the start of the year as a brutal shakeout period for DAT companies, while Galaxy Digital's research team said the sector had entered a Darwinian phase. The numbers now show why. More than half of the top 20 DAT firms have mNAV below 1.0, removing the key condition that supported the old finance-and-buy-crypto flywheel.
The source also points to a shift from simple token accumulation to yield generation. A CoinDesk analysis cited in the material argues that surviving firms will need capabilities in staking income management, lending spread strategies, and using BTC as collateral in DeFi or RWA yield structures. A buy-and-hold treasury model on its own is no longer enough to sustain an equity premium.