Standard Chartered has issued a warning about a widespread collapse in the market net asset value (mNAV) of digital asset treasury (DAT) companies, affecting firms associated with Bitcoin, Ethereum, and Solana. The bank highlights that many well-known DATs have fallen below critical levels, potentially leading to industry consolidation. Larger, low-cost companies with staking yields, such as Strategy (MSTR) and Bitmine (BMNR), are expected to have an advantage. Standard Chartered anticipates that major companies may expand by acquiring discounted peers, while many small to medium-sized treasury firms could face a "death spiral." This development suggests a significant shake-up in the digital asset treasury sector, with weaker companies at risk of being eliminated.