Digital Asset Treasuries (DATs), once a popular investment vehicle for accessing cryptocurrency without direct exposure, are experiencing a downturn as stock values of major DAT companies plummet. Notable firms like MicroStrategy, Bitmine, and Forward Industries have seen significant declines in their stock prices over the past month. This shift comes as the broader crypto market faces a downturn, with Bitcoin trading around $90,000, a level last seen in May. The initial appeal of DATs was their ability to offer institutional investors a compliant and convenient way to invest in crypto assets. However, the recent market volatility and a "risk-off" sentiment among investors have led to a reassessment of these investments. The decline in Net Asset Value (NAV) from $120 billion to under $80 billion highlights the impact of market leverage and investor sentiment. To remain viable, DATs are exploring diversification strategies beyond merely holding crypto. This includes issuing debt, leveraging derivatives, and engaging in staking to enhance their market capitalization and forward-looking value. As the market adjusts, only those DATs that can effectively manage their assets and develop sustainable business models are expected to thrive.