Bloomberg: Selling pressure from publicly traded crypto treasuries rises, potentially triggering market contagion risks

Cryptocurrency asset public companies (DATs) are currently facing the issue of market chain risks triggered by increased selling pressure, after driving the market up last year.

Data shows that since Bitcoin dropped nearly half from its peak of $126,000 in October last year, the median stock price of the 150 largest DATs has fallen by 62%, even exceeding the decline of Bitcoin. Hayden Hughes, managing partner at Tokenize Capital, analyzed that DATs, which have no operating income and rely solely on hoarding cryptocurrency assets, will be forced to sell their holdings to maintain operations. This could shake investors' confidence in their "long-term hold" narrative, potentially triggering broader market sentiment contagion.