If the previous courses are caused by FOMO by private sector investors and a noise of celebrities, then the current session has a new driver: the shares of companies of digital assets in reserves (DAT-Digital Asset Triver). These companies show huge amounts of trading and purchase of cryptocurrencies as if tomorrow will be too late. In this regard, the main question arises: Are these promotional offers really the best way to invest in a basement, or is it better to buy the same origin?
In this article, we analyzed the shares of companies that create reserves in Bitcoin, Ethereum, Solana and BNB. We believe that the time when such stocks showed a higher profitable stability than the encrypted currencies. When the strategy ($ MSTR) just started working on this model, it had almost no competitors. Now, when almost anyone can enter this market, there are many DAT companies, all of which are fighting for the same assets. Because of such high competition, the previous uniqueness of this approach disappeared, and the demand for stocks decreased compared to what it was at the dawn of the MSTR era.
The numbers speak for themselves. Even the best players, $ BMNR and $ SBET, failed for $ ETH last month. Or, to get more clarity: $ BNB beat historical records, $ Wint -related shares at the same time decreased to the next minimum.
We believe this: When many DAT companies enter the race to create the largest reserves in the same encrypted currency, an aggressive issue of new shares and mutual competition reduces the attractiveness of investment. In such cases, it is better not to contact merchants who believe in the growth of the original in the form of shares, but to buy the encrypted currency directly.
Cases analysis
1. Bitcoin – Microstrategy (MSTR)
The return of $ MSTR has exceeded more than 250 % since 2024
At the dawn of Dat phenomenon company Strategy It has been an excellent example of how to show a public growth company more impressive than the encrypted currency accordingly. Buy bitcoins strongly and use a large and stable margin for the cost of their net assets (MNAV), MSTR brought investors a profit that was much higher than the BTC growth itself.
However, this trend has ended towards growth with the appearance of $ ETH and other DAT companies. Last month, $ MSTR was 17 % behind $ BTC.
Today the picture is completely different. Over the course of last month, Mstr continued barely bitcoin. The MNAV laboratory is the main indicator of the extent to which investors are ready to pay for “wrapping” in the form of shares compared to the real cost of the company’s bitcoins – to about 1.6. This meaning is close to the historical minimum. This decrease in the margin shows brightly how competition interferes in the DAT field and the desire of investors to own a coined coil with the most famous player to keep their interests.
2.
Dynamics for a month: $ ETH exceeded $ BMNR and $ SBET by more than 40 %
“Battle of Air” is among DAT companies today one of the most fierce companies on the market. Sharplink (SBET) and indulging in the BMNR (BMNR) publicly promised to become the world’s leading ETH owner. Their strategies are almost the same: to attract the maximum money by selling shares on the market, then invest in purchasing ETH.
This position was unprecedented for the shareholders, but played in the hands of ETH holders. While the cost of the company’s assets (MNAV), taking into account the margin is higher than 1.0, both have a reason to issue new shares. This allows them to purchase more ETH, but at the same time reduces the share of each existing shareholder. SBET now contains this laboratory now a little higher than 1.0, which prevents it from disposing of freely, but BMNR still attracts money and is actively purchased. As a result, Ethereum remains itself in a clean victory, as its price grows due to the ongoing purchases by the two companies. This leads traders to the question: If many companies buy $ ETH almost every day and actively compete in indicators, is the same $ ETH that will receive the greatest growth?
3. BNB: Many companies are in a parallel race
Dynamics in one month: $ BNB penetrates the historical maximum, $ Wint and $ NA does not continue to decrease. By the way: On July 28, BNC announced a significant private investment (tubes treatment), but its shares also lagged behind $ BNB after the first jump in the price.
DAT-Tangles associated with BNB is more fragmented: At least three main players are fighting to drive, each of whom controls (or plans to manage) reserves of more than $ 300 million. This retail does not allow a single “higher” procedure that attracts all investor attention to itself. As a result, their capital and their interest spread to several different “wrapped”.
Here are the most famous players:
- Windtree Therapics (Nasdaq: Wint) Plans to attract $ 200 to $ 700 million to buy BNB.
- CEA Industries / BNB Network Company (Nasdaq: BNC) The company changed its name to become a major general holder in the world. PIPE has already provided $ 500 million and up to $ 750 million through orders (orders), continues to buy assets and sell stocks on the market (ATM).
- Nano Laboratory (NAS) Hong Kong, which wants to buy BNB for a billion dollars. He received a $ 500 million financing in the form of interest -free loan, which can be exchanged for shares.
To date, the results are not impressive. The shares of $ Wint and $ Na fell constantly, even when BNB itself overcame the records. In such a crowded market, each player is forced to issue new promotional offers or constantly borrow to increase his reserves. But at the same time, they do not have the “advantage of pioneers” that helped the first bitcoin companies like MSTR exceeded the market. For merchants who believe in the growth of BNB, the direct ownership of or its metal currency is a healthier way to invest without unnecessary difficulties.
4. Solana – Upexi (UPXI), which is a rare example before advance
The return on $ UPXI $ Sol exceeded 34 % during the past month
Upexi (UPXI) On Solana Blockchain, this is a rare example on how Sat-Action outperforms its main symbol of growth. Upexi shares are traded 2.1 times for the cost of encryption assets (MNAV), meaning that the company’s market value doubles more than weakness through the true value of all SOLS it has.
We believe that Upexi has not yet faced serious competition in the struggle to drive in Solana. The formalization of this company is much higher than those related to other similar projects. Moreover, they recently managed to invite as a consultant to Arthur himself. This can be explained why Upexi shares are much more expensive than Sol. However, we doubt that this will continue, because this market will likely come for new players, especially since there are no entry barriers, and shares are traded with a high margin.
Conclusion: The basic assets are better than dat
Of course, Dat-Races attracted many new buyers, but our examples show that this approach has their own borders in 2025. In the past, Mstr succeeded thanks to the uniqueness: the market was one of the main players with a new idea. But these times have passed.
In the case of Ethereum and BNB, competition between DAT companies has turned into a race to produce and sell new stocks. This race reduces its value (MNAV Award) and leads to the fact that the symbol itself – $ ETH or $ BNB becomes the main beneficiary of the noise. Even MSTR, a pioneer in the market, a margin high on stocks almost to the historical minimum, and over the past month, failed to BTC.
The only noticeable exception is DAT on Solana, but since anyone can enter this market, its advantage may disappear at any time.
For traders, the conclusion is simple: if you believe in the growth of encrypted currencies, and there are many DAT companies in the market for which you are fighting, so having the currency itself is a more rational and reliable option. DAT shares can be interesting to short -term speculation about changing their margins, but when many companies hunt for one origin, the same origin remains the original.
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