Thomas Probst, a researcher at Kaiko Research, analyzed in a report launched on September 2, 2026, that digital asset treasury corporations (DAT) are failing to totally cross on the efficiency of their held cryptocurrencies to shareholder returns. The market’s perception in Strategy (MSTR) as a ‘everlasting purchaser’ was shaken when it bought roughly 7,000 BTC over the summer season, regardless of positioning Bitcoin (BTC) accumulation as half of its company id.
Digital Asset Treasury Firms Excluded from Inventory Market Positive aspects
The digital asset treasury firm mannequin quickly unfold in 2024 and 2025. Initially centered on Bitcoin (BTC), the asset holdings later diversified to incorporate Ethereum (ETH), Solana (SOL), and Hyperliquid (HYPE). The enlargement of spot liquidity, compliance with laws for custodial companies, development within the derivatives market, and the refinement of accounting requirements supported the cryptocurrency holdings of these corporations.
Nevertheless, reserve assets are supposed to protect authentic capital, mitigate money stream volatility, and take in shocks. The digital asset treasury’s lively publicity to belongings with vital value volatility and liquidity danger distinguishes it from conventional reserve belongings like money or gold.
These limitations grew to become evident in 2026. Whereas the S&P 500 index (SPX) rose by 11.33% within the first eight months, the returns for Technique, Bitmain Applied sciences (BMNR), and Hyperion DeFi (HYPD) have been -19.78%, -23.92%, and -12.57%, respectively. Shareholders endured the excessive volatility of the cryptocurrency market however didn’t profit from the inventory market’s rise.
Technique’s Bitcoin Gross sales Undermine Lengthy-Time period Holding Confidence
As of late summer season, Technique was the biggest company holder with 845,050 BTC. The corporate maintained a coverage of accumulating Bitcoin indefinitely with out promoting, which helped maintain a premium over its web asset worth (NAV). Using this excessive premium to subject new shares and enhance Bitcoin holdings per share was central to its development technique.
Nevertheless, after indicating in Could 2026 that it will actively handle its stability sheet, Technique bought 32 BTC for roughly $2.5 million in early June. Subsequently, it disposed of about 1,363 BTC on the finish of June, 2,225 BTC in early July, and three,328 BTC in August. The proceeds from these gross sales have been allotted to most popular dividends, greenback reserves, and inventory buybacks.
In keeping with Kaiko Research, whereas the size of gross sales was small in comparison with whole holdings, the sign despatched to the market was vital. The technique shifted to a typical monetary administration method of shopping for and promoting cryptocurrencies primarily based on funding prices and money calls for. Following the primary sale announcement, Bitcoin fell from round $73,000 to roughly $60,000 inside per week.
The 30-day transferring volatility of Technique’s inventory principally ranged from 50% to 100%, considerably exceeding Bitcoin’s 20% to 54% and SPX’s 10% to 18%. Since April, the 30-day transferring correlation with Bitcoin additionally recorded between 0.6 and 0.75, indicating that Technique doesn’t present impartial inventory market publicity or ample portfolio diversification.
Bitmain and Hyperion Additionally Face Limitations in Delivering Underlying Asset Efficiency
Bitmain grew to become the biggest ETH holder amongst corporations after shifting to an Ethereum-centric monetary technique in mid-2025. In 2026, the 30-day transferring correlation between Bitmain’s inventory and Ethereum usually remained between 0.5 and 0.7. Whereas the stock price largely adopted the efficiency of its held belongings, it additionally mirrored further dangers from firm operations and funding.
Hyperion DeFi presents a extra excessive case. Initially a expertise firm referred to as Inovia, it transitioned in June 2025 to a U.S.-listed funding car holding the native token Hyperliquid (HYPE) of the Hyperliquid blockchain. Its holdings exceeded 2 million HYPE, with the token price reaching roughly $82 on September 2, 2026.
Whereas Hyperliquid rose by about 234.2% in 2026, Hyperion’s inventory fluctuated barely beneath its early-year ranges. The 30-day transferring correlation between the 2 belongings remained round 0.1 to 0.7, averaging about 0.4. Buyers who selected Hyperion inventory to achieve publicity to the rising value of Hyperliquid primarily didn’t profit from the appreciation of the underlying asset.
The Hyperion case doesn’t apply uniformly to all corporations. Firms linked to the identical ecosystem, like Hyperliquid Methods’ Nasdaq-listed inventory PURR, can yield totally different outcomes relying on their capital construction and operational strategies. In the end, the worth of digital asset treasury corporations have to be assessed not solely by the value of their held tokens but in addition by funding prices, inventory dilution, debt and dividend burdens, and the administration’s potential to allocate capital.
Thomas Probst of Kaiko Research cautioned in opposition to viewing DAT shares merely as easy substitutes for cryptocurrency spot belongings. Technique’s Bitcoin gross sales illustrate that an organization’s cryptocurrency accumulation technique can change in response to money calls for and market circumstances. To spend money on digital asset treasury corporations, one should study not solely the potential for underlying asset appreciation but in addition the ‘company monetary dangers’ and the transmission construction resulting in shareholder returns.
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