Grayscale says crypto treasury firms are likely to remain a permanent fixture of the investing landscape as they diversify into new business lines.

DATs Stabilized Through Strategic Approaches

In a post on March 26, Grayscale head of research Zach Pandl noted that DATs surged last year as strong valuations enabled aggressive token accumulation and inspired similar firms.

However, by late 2025, momentum weakened as many shares traded below their underlying crypto values, raising questions about sustainability and even prompting concerns that some firms could be excluded from benchmark indices.

More recently, DATs have regained stability by improving capital structures, generating yield…

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