The crypto-treasury dream unravels after a 90% stock plunge

The digital asset treasury (DAT) model, pioneered by MicroStrategy (now Strategy Inc.), is unraveling as Bitcoin has fallen roughly 50 percent from its October peak, eroding the equity premium that made these structures viable. SPAC-based DAT deals have either collapsed or flopped badly, with Avalanche Treasury Corp. shares down almost 90 percent since its Nasdaq debut and the ReserveOne-M3 BrigAde Acquisition V deal being terminated on June 12. Other pending transactions, such as BSTR Holdings backed by a Cantor Fitzgerald affiliate, now face uncertain shareholder votes as the broader crypto bear market acts as a decisive filter for the category.