How Are You Doing, Friends Who Went All In on DAT Company Tokenized Stocks in 2025?

MSTR (Strategy Inc), SBET (SharpLink Gaming), GNLN (Greenlane Holdings), and other DAT (Digital Asset Trust) companies issuing tokenized stocks were seen as one of the most exciting narratives in 2025.

Looking back to the summer of 2025, Bitcoin (BTC) surged to $120,000, and Ethereum (ETH) also broke through $4,000 (Ethereum supporters, stand up!). Strategy Inc, which made a fortune by aggressively buying Bitcoin, saw its stock price soar, attracting widespread attention.

On May 22, SharpLink Gaming’s stock (SBET), which had been buying up Ethereum, began to skyrocket. In just about a week, SBET surged from $2.7 to $124, a massive 4600% increase!

If you invested just 1,000 USDT, a week later you’d have 46,000 USDT!

FOMO (Fear of Missing Out) spread quickly across the market. Twitter, Telegram were buzzing with discussions about tokenized stocks. Everyone believed that the combination of tokenized stocks and crypto assets would be the key to unlocking wealth in the crypto industry in 2025, and they kept buying up new tokenized stocks that emerged.

But what happened next?

MSTR (Strategy Inc) Stock Trend in 2025

Strategy, which claimed to be buying $1 trillion worth of Bitcoin, saw its stock MSTR fall from a peak of $457 in June 2025 to the current $178, a 60% decline. With its enormous Bitcoin holdings, Strategy has also become the center of attention in the crypto space. Everyone was worried that the company, due to financial pressure, might shift from buying more BTC to selling off its holdings. However, the founder of Strategy has stated that the company won’t sell any BTC for at least the next few years.

According to Bloomberg, the stock prices of crypto asset trusts (DATs) listed in the U.S. and Canada have dropped significantly this year, with the median drop of 43%, and some companies have seen declines of over 99%. Among them, the previously mentioned SBET (SharpLink Gaming stock) dropped from a peak of $124 to today’s $10.7, a staggering 91% decline.

SBET (SharpLink Gaming) Stock Trend in 2025

SBET’s main digital asset is Ethereum, but Ethereum has only seen a 37% drop from its peak to today.

Summary: Investors Who Bet on Tokenized Stocks and Specific Crypto Assets Are Now Facing Losses

Investors who were optimistic about tokenized stocks and certain crypto assets did not see the oversized returns they expected; instead, they experienced greater losses.

The concept of tokenized stocks did indeed bring a new development opportunity to the crypto industry, but looking at the results, tokenized stocks resemble leveraged derivatives of specific cryptocurrencies (such as BTC). The rise or fall of these specific crypto assets causes tokenized stocks to fluctuate even more.

Another point worth noting is that some tokenized stocks have already fallen below the value of their own crypto reserves. However, it is not advisable to “catch the bottom,” as if the underlying cryptocurrency continues to drop, the tokenized stock will likely continue to fall as well.

If You Don’t Know What Tokenized Stocks Are or How to Trade Them, My Advice is to Not Worry About It

If you still don’t know what tokenized stocks are or how to participate in trading them, my suggestion is to simply not bother with them. If you are bullish on the future of the crypto market, just go ahead and buy BTC, ETH, or other major cryptocurrencies. On the other hand, if you are bearish, consider liquidating your positions or shorting them via contracts.

At least from the perspective of a typical investor, tokenized stocks have already lost their advantage in terms of generating excess returns. They are simply a way for non-crypto users to participate in crypto investments.