Digital asset treasury-listed companies (DATs) are under increased pressure as market risks rise, following a significant drop in Bitcoin's value. Since Bitcoin's peak at $126,000 in October last year, the median stock price of the 150 largest DATs has plummeted by 62%, surpassing Bitcoin's own decline. Hayden Hughes of Tokenize Capital warns that DATs lacking operational revenue may need to liquidate crypto holdings to sustain operations, potentially eroding investor confidence and triggering broader market sentiment contagion.