A network of Princeton alumni, including notable figures like Mike Novogratz, Dan Morehead, and Joe Lubin, has significantly impacted digital asset treasuries (DATs), which have amassed over $44 billion this year. These alumni-led firms are frequently involved in major treasury deals, shaping the crypto market landscape. Despite this influence, Bitcoin purchases by DATs have plummeted 76% recently, sparking concerns about the model's sustainability. Additionally, public market shares of these treasury firms have experienced sharp declines, with some dropping over 90% from their initial issue prices.