Digital Asset Treasuries Remember They Own Crypto: Strategy Drops $42B to Keep the Party Going

Digital Asset Treasuries (DATs) are staging a comeback after a rough 2025 that saw many trading below the value of their crypto holdings. The pendulum has swung back, and firms are capitalizing on the shift. After a year of getting absolutely clobbered in the market, corporate crypto holders are finally breathing easy again—or at least breathing. The discount to NAV that haunted boardrooms from Austin to Miami has narrowed considerably, and suddenly everyone's favorite spreadsheet metric looks less like a disaster and more like a competitive advantage.

Strategy (Nasdaq: MSTR) continues to lead the pack, recently expanding its at-the-market (ATM) equity program to a whopping $42 billion. The program splits evenly between Variable Rate Series A Perpetual Stretch Preferred Stock and Class A common stock. The company also rolled out a fresh $2.1 billion ATM for its $STRK preferred stock, replacing an unused $20 billion program. Michael Saylor's