Less than 48 hours after hitting a record high of $124,000, Bitcoin has plummeted to around $117,000, and Ethereum has dropped to $4,400. This sharp correction exposed the vulnerabilities in publicly traded companies deeply reliant on cryptocurrencies. These firms, often known as Digital Asset Treasury (DAT) companies, saw their stocks plummet following this sudden market downturn, leading to significant losses for many businesses. Strategies, Metaplanet, Nakamoto and others have faced substantial declines, raising questions about the long-term sustainability of these investment strategies. The market’s recent correction has also shed light on the inherent risks associated with reliance on Bitcoin, highlighting a structural fragility within DAT models. Companies heavily invested in cryptocurrencies like Bitcoin now face significant challenges as their valuations are eroded by market volatility. While Strategy, Metaplanet, Nakamoto and others have suffered losses exceeding 10%, one company, KULR Technology, experienced growth driven by its Bitcoin-focused strategies. This raises questions about the future of DATs, which often rely on a continuous influx of capital from rising crypto prices for their model to work. Some analysts believe that this correction could accelerate the shift from speculative assets like DATs to more regulated and transparent products such as cryptocurrency ETFs. The recent market downturn has forced these companies to confront the reality of market volatility and the limitations inherent in their business models.