What Comes After the First Wave of Digital Asset Treasuries?

The Boom & Bust in 12 months:

• Listed DATs grew from 66 to 142 (+115%)

• $140B flowed in, valuations hit 5× NAV

• Now 80% trade below NAV (up from 35%)

• Average multiple collapsed from 1.3× to 1.0×

This pattern is familiar.

Just like SPACs (2020-2021) and mining shells (2010-2013), the cycle repeats in three stages:

• Stage 1: Oversupply Success draws copycats. Issuance outpaces demand.

• Stage 2: Dilution Premiums compress, liquidity fragments. Too many wrappers, too little opportunity.

• Stage 3: Capital Decay In public vehicles, idle capital decays 10-20% annually from costs alone.

What's next?

Cold, rational consolidation. Not collapse, but evolution.

Where Altuva Group plays:

• $6.8T of sub-book equity globally

• Recycle at 0.5× → Realize at par → Double capital

• 24-36 month consolidation window ahead

Read the full memo:
The Digital Asset Treasury Cycle: What Comes After the First Wave