Digital asset treasury firms have raised more than $20B in 2025, but investors say the fundraising wave has likely peaked.
> Mega $500M–$1B rounds are expected to slow, with focus shifting to execution, scaling, and consolidation.
> Many DATs now trade at or below net asset value, raising the likelihood of mergers and acquisitions as stronger firms absorb weaker ones.
> Liquidity remains a challenge, though strategies like staking and discounted token purchases help sustain yields.
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