strategy

Date: March 5, 2026 – 10:55 AM
By  Fabiano
Assets in Focus  $BTC $ETH $BMNR $MSTR
Context  DAT inflows hit $555 million, the lowest since October 2024, signaling a structural shift in how companies approach digital assets.
⚡ 1. The Numbers That Matter
Monthly inflows into Digital Asset Treasury (DAT) companies have collapsed to approximately $555 million—the lowest level since October 2024, according to data from DeFiLlama .
To understand the magnitude of this drop, let's look at the recent history:

The data tells a clear story: the post-election euphoria has completely evaporated . The October 2025 market crash, which kicked off a multi-month bear market and rolled back crypto prices to pre-election levels, has fundamentally changed the landscape for treasury companies .
📉 2. What's Driving This Collapse?
2.1. The Bear Market Reality
The October 2025 crash wasn't just another dip—it was a regime change. Bitcoin has fallen approximately 50% from its all-time high, and the frothy optimism that fueled the post-election rally has been replaced by institutional caution .
2.2. The mNAV Squeeze
B. Riley analysts highlight that the group of 25 digital asset treasury stocks they track continue to have an enterprise value of about 0.8 times the market value of their crypto holdings (mNAV) . When companies trade below their net asset value, raising fresh capital becomes expensive and dilutive, choking off new inflows .
2.3. The MSCI Overhang
Index provider MSCI recently reversed a proposal that would have excluded DATCOs from major global equity indexes, but the uncertainty alone weighed on the sector. Strategy (MSTR), the largest corporate holder of Bitcoin, came under significant selling pressure on fears it could be dropped from benchmarks, forcing institutional selling .

Entradas mensais em empresas de tesouraria de ativos digitais. Fonte: DefiLlama
🧠 3. The Reinvention Imperative: From Warehousing to Using
The key takeaway from every analyst and executive in this space is the same: the era of passive accumulation is over.
Patrick Ngan, chief investment officer at Zeta Network Group, put it bluntly:
"Corporate Bitcoin treasuries now need to show they can actually use the asset, not just warehouse it. Companies with an operating business that produces cash flow will outperform those that simply accumulate and hold crypto" .

🏢 4. Case Studies: Who's Adapting?
4.1. BitMine Immersion Technologies (BMNR)
B. Riley highlights BitMine as a key example of the operational shift. The company continues to build its ether position while expanding staking operations ahead of a planned infrastructure launch. Analysts have a buy rating with a $47 price target, citing staking-driven revenue potential .
4.2. Grant Cardone's Hybrid Model
Real estate investor Grant Cardone expanded his multifamily housing fund strategy by combining real estate and Bitcoin into hybrid investment vehicles .
The fund benefits from:
Property value appreciationReal estate tax advantagesRental income funneled into additional BTC purchases
Cardone's logic is worth quoting in full:
"If the company's just bitcoin, why am I investing in that company? Real estate is the best treasury company you can build because it's not a product that is discretionary — you have to buy housing" .
4.3. Strategy (MSTR) – The Traditional Model Under Pressure
Even the pioneer is feeling the heat. Strategy continues to acquire Bitcoin, but its stock has come under pressure. The company now argues to MSCI that its treasury operations, including offering fixed-income instruments, provide investors with varying degrees of economic exposure to Bitcoin—suggesting even the largest player recognizes the need to evolve beyond pure accumulation .
TAs 10 maiores empresas de tesouraria de criptomoedas, classificadas por suas participações em criptomoedas. Fonte: DefiLlama
🔮 5. What's Next: Consolidation and M&A
Industry executives expect 2026 to bring significant consolidation. Wojciech Kaszycki, chief strategy officer at BTCS, told Cointelegraph:
"If you consolidate with another player, sometimes two plus two equals six or more, you can win faster, because everybody in this market trading below net asset value is struggling" .
Companies with operating businesses generating cash flow will have the financial edge to acquire weaker players trading below NAV .
Tyler Evans, CIO of Nasdaq-listed KindlyMD, agrees:
"2026 will be defined in part by consolidation and M&A. The market will have a clearer sense of the winners" .
📈 6. The Broader Context: From Speculation to Infrastructure
B. Riley analysts Fedor Shabalin and Nick Giles argue that 2026 will see digital assets cross a critical threshold:
"In 2026, we expect the digital asset market to transition from speculation to practical utility as regulatory frameworks are expected to mature, and blockchain integrates into global financial infrastructure" .
This evolution is driven by:
Clearer rules around stablecoinsGrowing institutional tokenization of real-world assetsStronger governance frameworksImproving interoperability between bank ledgers and public blockchains
The companies that survive—and thrive—will be those that embed crypto into genuine operating businesses, not just balance sheets.
🎯 7. Conclusion: The End of an Era
The collapse of DAT inflows to $555 million isn't just a statistic—it's a generational signal. The model pioneered by Strategy and copied by hundreds of companies is being stress-tested, and many are failing.
The winners of the next cycle won't be the companies that simply bought and held. They'll be the ones that figured out how to make their assets work—through staking, lending, operating businesses, or hybrid models like Cardone's real estate funds.
The question for investors is simple: Are you backing a company that just holds crypto, or one that knows how to use it?
#Bitcoin  #Treasury  #DAT  #Crypto  #Strategy

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$BTC
📢 Ultime Notizie:
🪙 3.015 BTC acquisiti

💰 Acquisto totale: $204,1 milioni

📊 Prezzo medio: $67.700 per Bitcoin

🏦 Totale aggiornato delle partecipazioni:

🔥 720.737 BTC

💵 Costo totale di acquisizione: $54,77 miliardi

📈 Prezzo medio di acquisto: $75.985 per BTC

📊 Cosa significa questo?

1️⃣ La strategia rimane il più grande detentore aziendale di Bitcoin
Continuano a seguire una strategia HODL a lungo termine.

2️⃣ Questo acquisto è stato al di sotto del loro prezzo medio complessivo

Hanno acquistato a $67.700, mentre il loro costo medio totale è $75.985 — il che significa che stanno accumulando durante i cali.