Coinbase’s Head of Institutional Research, David Duong, observed that Bitcoin digital asset treasury companies (DATs) have “largely ghosted” since the October 10 market drawdown.
Even during times of brief market recoveries, DATs have shown little sign of re-engagement.
DATs Have Vanished?
Over the past two weeks, BTC buying by DATs has fallen to near year-to-date lows, which could be due to limited confidence among large institutional players who typically provide strong market support during periods of conviction. Duong explained that the only consistent buying activity since the correction has come from Ethereum-focused DATs, and even that demand has been narrowly driven by a single player, identified as Bitmine (BMNR), with smaller contributions from other funds.
Coinbase warned that if BMNR slows or halts purchases, the apparent corporate bid for ETH could quickly fade. Overall, Duong said the muted participation of BTC DATs and the concentration of ETH buying points led to a cautious stance from major balance sheets following the leverage washout. This has left the crypto market fragile at current support levels and warrants a more defensive short-term positioning.
Crypto analyst Maartunn echoed similar concerns earlier this week, when he noted that Michael Saylor-led Strategy’s once-aggressive Bitcoin accumulation has slowed dramatically in recent months. After dominating headlines with billion-dollar allocations and weekly purchases exceeding 10,000 BTC at its 2024 peak, the firm briefly reduced its buying pace to just around 200 BTC per week.
Maartunn added that while the company’s long-term conviction in Bitcoin remains intact, its ability to sustain large-scale purchases has weakened. The analyst emphasized that Strategy “is no longer buying big, but they’re still buying.” However, the company did go on to spend $43.4 million to acquire 390 BTC on Monday.
Meanwhile, another publicly traded company is making a more assertive move to expand both its crypto and core business operations.
Corporate Bitcoin Rush Deepens
Prenetics Global, a Nasdaq-listed health tech company, has completed a $48 million equity raise that was oversubscribed, in a bid to bolster its Bitcoin treasury reserves and scale up its IM8 supplement brand. The firm revealed on Monday that the offering received strong interest from a range of crypto-focused investors such as Kraken, Exodus, Jihan Wu’s GPTX, DL Holdings, and American Ventures.
Tennis star Aryna Sabalenka and Hong Kong business magnate Adrian Cheng both deepened their investments, while football legend David Beckham continues to hold shares. Prenetics said that the company may receive up to a total of approximately $216 million if all associated warrants are exercised.
In a separate development, Nasdaq-listed American Bitcoin Corp., founded by Eric and Donald Trump Jr., has grown its Bitcoin holdings by acquiring 1,414 BTC, which is worth more than $160 million. The company now owns a total of 3,865 BTC, worth close to $450 million as of October 24, sourced from both its mining operations and open-market purchases.
According to data compiled by BitcoinTreasuries, this latest accumulation places American Bitcoin among the top 26 public holders of the cryptocurrency, ranking just behind Gemini Space Station and ahead of OranjeBTC.