A move by Michael Saylor’s bitcoin stockpiling company Strategy to authorize more bitcoin sales has once again shone the spotlight on a clutch of public crypto hoarding companies, which have been buffeted by the token’s price decline.

Shares of Strategy briefly bounced on Friday after analysts gave their blessing to a plan announced late last month, which included a share repurchase program and authorized as much as $1.25 billion in bitcoin sales.

The company, whose shares rallied at the end of 2024 before hitting a two-year low last month, has sold about $218 million worth of bitcoin this year to fund dividends and replenish its US dollar reserves.

The sale has again raised questions about the viability of dozens of copycat “digital asset treasury” companies, or DATs, which were buoyed last year by market enthusiasm over US President Trump’s crypto-friendly policies.

DATs provide investors with crypto exposure and the ability to receive returns through regulated public companies. But the business model is highly vulnerable to falling token prices, which can reduce the value of their holdings, undermine fundraising and the lucrative returns that attracted investors in the first place.

As bitcoin, the most widely held cryptocurrency, has weakened by 33% this year as markets absorbed geopolitical tensions, rising oil prices and reforms under new Federal Reserve Chairman Kevin Warsh, so have the fortunes of these companies.

Here are four graphics detailing their rise and fall.

Market Capitalization

The market capitalization of DAT companies peaked last July, when the crypto sector as a whole reached $4 trillion in market value, slowing only in November after fears of a global trade spurred a record $19 billion liquidation of crypto positions.

DATs are unable to make a full recovery until now in 2026 as the crypto market is in a slump.

Underwater token holdings

Many DAT companies traded at a premium to their crypto holdings last year as investors believed they could use their access to equity and debt funding to buy more tokens.

Starting late last year, the total market value of companies relative to the net asset value of their crypto holdings — a metric known as mNAV — fell below 1, meaning companies were trading at a discount to their holdings.

That’s a big problem, since most DATs rely on shares trading above their net asset value to attract new investors. The strategy’s mNAV fell below 1 for the first time late last month.

DAT executives, however, have said their success will depend on their ability to make smart investment decisions and look for new ways to increase shareholder value, Reuters previously reported.

Aggregate weekly trading volume

According to data from blockchain data provider ⁠Artemis Terminal, overall weekly trading volume in DAT shares peaked in August last year, but has since seen a dip. Weekly trading volume hit a low in February, after bitcoin and other cryptocurrencies sold off on news that Warsh would be nominated for the Fed chair.

Analysts believe that Warsh would force the Fed to shrink its balance sheet, which is the main reason for risky assets like cryptocurrencies, as such a move would reduce the liquidity of the financial system.

Token Holdings

The strategy still holds the most cryptos after its Bitcoin selloff this year. Bitmine Emerson Technologies, which holds the largest holdings of the cryptocurrency Ether after Bitcoin, has the second largest stock.

Along with the strategy, several other crypto treasury companies have sold a portion of their crypto holdings this year.

Nakamoto Inc, which bills itself as a bitcoin operating company, sold about 5% of its bitcoin holdings in March and about 600 bitcoins in June.

All the companies referenced here declined to comment or did not respond to requests for comment.