The Digital Asset Treasury (DAT) model is unraveling as stock premiums, which fueled crypto acquisitions, disappear amid changing market conditions. Companies like MicroStrategy, which expanded their Bitcoin holdings from 38,250 to 639,000 BTC between 2020 and 2025, are now confronting challenges as premiums vanish and crypto prices decline. Smaller DAT companies have experienced stock price drops exceeding 60%, with some turning to debt-funded buybacks to maintain valuations. The structural weaknesses of the DAT model are becoming apparent, leading to forced asset sales and heightened regulatory scrutiny. In response, Ethereum-based DATs are exploring staking and decentralized finance (DeFi) to generate returns, though these strategies introduce additional risks.