Galaxy and Mercuryo said DATs face pressure from ETFs, NAV discounts, dilution and the need to justify premiums beyond passive exposure.

Galaxy and Mercuryo said DATs face pressure from ETFs, NAV discounts, dilution and the need to justify premiums beyond passive exposure.

Digital Asset Treasuries attracted $2.19 billion in May 2025 inflows, mostly into Bitcoin, as 76 new DATs launched and total holdings topped $100 billion.