The combined market capitalization of crypto digital asset treasury (DAT) companies has climbed about 10% since mid-August to approximately $340 billion, according to data from The Block. The recovery remains well below the roughly $490 billion recorded in October and November of last year, when Bitcoin reached an all-time high around $126,000.
Performance has diverged across the sector. Established DATs such as Strategy (MSTR) and Bitmine (BMNR) are up 30% and 27%, respectively, broadly matching gains in their underlying Bitcoin and Ether holdings. Strategy has outperformed Bitcoin by 10 percentage points since August 17. Newer, less widely followed altcoin treasury vehicles have posted even stronger returns: CYPH, which tracks Zcash, returned 142%, while PURR, tied to Hyperliquid, rose 62%. The underlying tokens also advanced, with ZEC up 56% and HYPE up 36%.
The report highlights an evolution in the DAT model. Ethereum-focused treasuries can stake ETH to help secure the network, PURR operates a Hyperliquid validator for governance participation, and CYPH runs mining operations to contribute hashrate to Zcash. These roles create an accretion flywheel when shares trade at a premium to net asset value, allowing companies to issue shares and buy more tokens accretively, a mechanism largely unavailable to Bitcoin-only treasuries because Bitcoin is an unproductive asset.
