DAT Stocks vs Crypto: Direct Coin Ownership Triumphs

Published: 2025-08-18 06:32:34 |

Digital Asset Treasury (DAT) stocks once offered outsized returns compared to cryptocurrencies. Today, fierce competition and aggressive equity issuance have compressed mNAV premiums. Case studies show MicroStrategy (MSTR) underperformed Bitcoin (BTC) by 17% in the past month. Ethereum DATs SharpLink (SBET) and BitMine Immersion (BMNR) trailed ETH by over 40% amid share dilution. BNB wrappers such as WINT and BNC fell even as BNB hit new highs, split by multiple issuers. Only Solana’s Upexi (UPXI) outperformed SOL, but faces potential competition. For traders, direct crypto exposure avoids dilution and complexity. DAT stocks may still offer short-term premium swings, but owning the underlying asset delivers cleaner, more reliable exposure to price gains.

Bullish

This analysis shows that fierce competition among DAT stocks diminishes premiums and pushes traders toward direct cryptocurrency purchases. As equity issuance dilutes share value, demand shifts to underlying coins, boosting buy pressure on BTC, ETH and other tokens. In the short term, traders reallocating from DAT stocks may cause volatility. Over the long term, increased direct demand supports stronger price fundamentals. Historically, similar shifts from wrapped products or ETFs to direct asset ownership have preceded market rallies, underscoring a bullish outlook for crypto prices.