Friends who frantically increased their holdings in DAT company tokens and stocks in 2025, are you all doing okay?

Coins stocks issued by DAT (Digital Asset Treasury) companies such as MSTR(Strategy Inc), SBET(SharpLink Gaming), GNLN(Greenlane Holdings), and others are seen as one of the most noteworthy narratives in 2025.

Looking back at the summer of 2025, BTC Bitcoin reached $120,000, and ETH Ethereum also broke through $4,000 (ETH defenders stood up!). Strategy’s stock price, fueled by aggressive BTC purchases, kept climbing and subsequently attracted a lot of attention.

On May 22, SharpLink Gaming stock (SBET), which had bought up large amounts of Ethereum, started to rally. In just about a week, SBET surged from $2.7 all the way to $124, a 4,600% increase!

Even if you invested only 1,000 USDT, a week later it would be 46,000 USDT!

For a moment, FOMO sentiment spread throughout the market, with Twitter and Telegram groups buzzing about the coin stocks. Everyone believed that the combination of coins and stocks would be the key to wealth in the crypto industry in 2025, and kept buying into newly launched coin stocks.

But what was the result?

2025 MSTR(Strategy Inc) Market Performance

Strategy, claiming to buy $1 trillion worth of BTC, saw MSTR fall from a high of $457 in June 2025 to the current $178, a drop of 60%. With its massive BTC holdings, Strategy has become a recent focal point in crypto circles, with everyone worried that the company might shift from accumulating BTC to selling due to financial pressure. Fortunately, the founder of Strategy has already stated that there will be no BTC sales for at least the next few years.

According to Bloomberg, the stock prices of crypto asset treasury (DAT) companies listed in the US and Canada have plummeted this year, with the median down 43% and some companies losing more than 99%. Among them, SBET (SharpLink Gaming), which we just mentioned, fell from a high of $124 to $10.7 today, a drop of 91%.

2025 SBET(SharpLink Gaming) Market Performance

SBET’s main digital asset holding is Ethereum, but even Ethereum’s decline from its peak to today is only 37%.

In summary, investors who previously favored coin stocks or specific crypto assets not only failed to achieve excess returns through coin stocks, but actually suffered greater losses.

The coin stock concept has indeed brought a new development opportunity to the crypto industry, but in the end, coin stocks resemble leveraged derivatives of specific coins (such as BTC). The rise or fall of a particular crypto asset will cause even greater volatility in the corresponding coin stock.

It’s also worth noting that the market cap of some coin stocks has already fallen below the value of their crypto reserves. However, “bottom fishing” is not recommended—if the coins continue to fall, coin stocks could still have significant declines.

If you still don’t know what coin stocks are or how to trade them, my advice is that there’s no need to study them. If you’re bullish on the crypto market’s future, just buy BTC, ETH, and other mainstream coins directly; otherwise, you can choose to exit or short contracts.

At least from the perspective of ordinary investors, coin stocks have lost their advantage in earning excess returns and are simply a way for non-crypto users to participate in crypto investments.