DATs Are Crashing: Why Digital Asset Trusts Are Blowing Up

Digital Asset Trusts (DATs) were one of the biggest crypto narratives of 2025. Billions flowed in, premiums exploded, and some DATs became the strongest market driver of the year.
Now? They’re imploding.

Graham Stone and David Sencil break down:
• Why DATs traded at massive premiums
• How insiders structured them to benefit early
• Why MNAV discounts are now brutal and widening
• Why activist takeovers are nearly impossible
• Why some DATs are dumping assets into the market
• The Bitmine and MetaPlanet dilemmas
• Whether Solana’s “active” DAT model is a future blueprint
• And whether any DATs will recover once consolidation hits

This is the clearest explanation yet of what went wrong — and what a post-DAT landscape might look like.