DAT stocks have significantly underperformed their underlying asset $SOL, with major $SOL DATs experiencing an average decline of 61.5% since September 19, 2025, compared to a 40.6% drop in $SOL. Forward Industries and Solana Company, the two largest $SOL DATs, reported declines of 70.38% and 81.41%, respectively. The sharp decline in mNAV has restricted DATs' ability to secure additional capital or credit, casting doubt on the viability of the DAT model as a leveraged investment tool. In response to the downturn, some DAT operators, including Upexi, have initiated stock buyback plans to stabilize prices and restore investor confidence.