Digital Asset Treasuries (DATs), companies with substantial cryptocurrency holdings, are facing significant challenges as the crypto market enters a bear phase. The expected correlation between rising company stock values and their crypto holdings is faltering, with firms like MicroStrategy seeing their market-to-net asset value (mNAV) ratios drop to 1 or below. This downturn highlights risks such as leverage, dilution, and operational performance, diminishing the appeal of investing in companies with crypto assets compared to direct crypto ownership. The current market conditions have also led to a slowdown in corporate bitcoin purchases since October, indicating a waning confidence among companies. This shift suggests that firms are no longer aggressively buying during price declines, reflecting broader concerns about the sustainability of holding large crypto reserves in a volatile market.