--- title: "DAT SPAC: The crypto sell-off has punished digital asset treasury companies, so where does that leave these 10 SPAC deals?" type: "News" locale: "en" url: "https://longbridge.com/en/news/278629824.md" description: "The recent crypto sell-off has negatively impacted digital asset treasury (DAT) companies, leading to a decline in SPAC deals that initially thrived on high crypto prices. Ten SPACs had announced plans to merge with DATs, but now trade at a discount to NAV. Two SPACs, Twenty One Capital and ProCap Financial, have completed mergers, while eight remain pending. Companies like Empery Digital have also shifted to form DATs, aiming to capitalize on crypto appreciation and income opportunities." datetime: "2026-03-11T00:10:38.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/278629824.md) - [en](https://longbridge.com/en/news/278629824.md) - [zh-HK](https://longbridge.com/zh-HK/news/278629824.md) generator: "portal-rs" --- # DAT SPAC: The crypto sell-off has punished digital asset treasury companies, so where does that leave these 10 SPAC deals? Record high crypto prices in 2025 fueled a wave of digital asset treasury (“DAT”) companies announcing SPAC mergers, but a major crypto sell-off has turned that enthusiasm into a rout, and DATs that once traded at a premium to NAV now trade at a discount. Last year, the SPAC market sought to capitalize on the fact that holding $1 of Bitcoin could translate to roughly $2 of market value, a trade pioneered by Michael Saylor’s Strategy Inc. (MSTR). As a result, 10 SPACs announced plans to list newly formed DATs. In a move reminiscent of the 2021 bull market, stocks spiked when deals were merely announced, despite a history of underperformance from crypto de-SPACs. Two of the ten have already listed via SPAC merger – **Twenty One Capital** (XXI) and **ProCap Financial** (BRR) – and another eight mergers remain pending. In addition, several already-public companies pivoted to form DATs, including Empery Digital (EMPD). These vehicles were designed to hold and grow digital assets, primarily as a bet on crypto appreciation and a continued premium to NAV, but also through certain income opportunities (e.g. lending, liquidity provisioning). ### Related Stocks - [BTC.US](https://longbridge.com/en/quote/BTC.US.md) - [EMPD.US](https://longbridge.com/en/quote/EMPD.US.md) - [XXI.US](https://longbridge.com/en/quote/XXI.US.md) - [GBTC.US](https://longbridge.com/en/quote/GBTC.US.md) - [ETHE.US](https://longbridge.com/en/quote/ETHE.US.md) - [BTBT.US](https://longbridge.com/en/quote/BTBT.US.md) - [CORZ.US](https://longbridge.com/en/quote/CORZ.US.md) - [ATMVR.US](https://longbridge.com/en/quote/ATMVR.US.md) - [BTDR.US](https://longbridge.com/en/quote/BTDR.US.md) - [MARA.US](https://longbridge.com/en/quote/MARA.US.md) - [BMNR.US](https://longbridge.com/en/quote/BMNR.US.md) - [BTCS.US](https://longbridge.com/en/quote/BTCS.US.md) - [MRAI.US](https://longbridge.com/en/quote/MRAI.US.md) - [CAEP.US](https://longbridge.com/en/quote/CAEP.US.md) - [IPVF.US](https://longbridge.com/en/quote/IPVF.US.md) - [BKKT.US](https://longbridge.com/en/quote/BKKT.US.md) - [LTCN.US](https://longbridge.com/en/quote/LTCN.US.md) - [ATMVU.US](https://longbridge.com/en/quote/ATMVU.US.md) - [BITF.US](https://longbridge.com/en/quote/BITF.US.md) - [NPAC.US](https://longbridge.com/en/quote/NPAC.US.md) - [ATMV.US](https://longbridge.com/en/quote/ATMV.US.md) - [GLXY.US](https://longbridge.com/en/quote/GLXY.US.md) - [ABTC.US](https://longbridge.com/en/quote/ABTC.US.md) - [ETHW.US](https://longbridge.com/en/quote/ETHW.US.md) - [ETHV.US](https://longbridge.com/en/quote/ETHV.US.md) - [MSTP.US](https://longbridge.com/en/quote/MSTP.US.md) - [FETH.US](https://longbridge.com/en/quote/FETH.US.md) - [BITO.US](https://longbridge.com/en/quote/BITO.US.md) - [CRCA.US](https://longbridge.com/en/quote/CRCA.US.md) - [CONL.US](https://longbridge.com/en/quote/CONL.US.md) - [BRRR.US](https://longbridge.com/en/quote/BRRR.US.md) - [MSTX.US](https://longbridge.com/en/quote/MSTX.US.md) - [IBIT.US](https://longbridge.com/en/quote/IBIT.US.md) - [BTCO.US](https://longbridge.com/en/quote/BTCO.US.md) - [QETH.US](https://longbridge.com/en/quote/QETH.US.md) - [BLCN.US](https://longbridge.com/en/quote/BLCN.US.md) - [ETH.US](https://longbridge.com/en/quote/ETH.US.md) - [BLOK.US](https://longbridge.com/en/quote/BLOK.US.md) - [BITB.US](https://longbridge.com/en/quote/BITB.US.md) - [ARKB.US](https://longbridge.com/en/quote/ARKB.US.md) - [EZET.US](https://longbridge.com/en/quote/EZET.US.md) - [EETH.US](https://longbridge.com/en/quote/EETH.US.md) - [COIG.US](https://longbridge.com/en/quote/COIG.US.md) - [FBTC.US](https://longbridge.com/en/quote/FBTC.US.md) - [CETH.US](https://longbridge.com/en/quote/CETH.US.md) - [MSTU.US](https://longbridge.com/en/quote/MSTU.US.md) - [LMBO.US](https://longbridge.com/en/quote/LMBO.US.md) - [BSOL.US](https://longbridge.com/en/quote/BSOL.US.md) - [ETHA.US](https://longbridge.com/en/quote/ETHA.US.md) - [HODL.US](https://longbridge.com/en/quote/HODL.US.md) - [BTCW.US](https://longbridge.com/en/quote/BTCW.US.md) - [BTF.US](https://longbridge.com/en/quote/BTF.US.md) - [GSOL.US](https://longbridge.com/en/quote/GSOL.US.md) - [EZBC.US](https://longbridge.com/en/quote/EZBC.US.md) - [CRCG.US](https://longbridge.com/en/quote/CRCG.US.md) - [KEEL.US](https://longbridge.com/en/quote/KEEL.US.md) - [SPCK.US](https://longbridge.com/en/quote/SPCK.US.md) ## Related News & Research - [Fundstrat Sees 30% Swing In Bitcoin’s Price](https://longbridge.com/en/news/296239209.md) - [Bitcoin Custody for Institutional Clients Is Coming to Citi Later This Year](https://longbridge.com/en/news/296259278.md) - [Trump to host crypto executives as SEC weighs regulations](https://longbridge.com/en/news/296358805.md) - [Northland Securities Reaffirms Their Buy Rating on Bitdeer Technologies (BTDR)](https://longbridge.com/en/news/296517870.md) - [Bakkt director Michael Alfred reports $2.11 million Class A share purchase](https://longbridge.com/en/news/296388550.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**