A $25 Billion Crypto-Hoarding Craze Is Testing Market Nerves

The rush to convert listed companies into vehicles for buying cryptocurrencies has reached such a fever pitch that even executives backing such deals are warning of potential fallout for digital-asset prices.

So-called digital-asset treasury firms, or DATs, have announced plans to raise a combined $79 billion so far in 2025 just for Bitcoin purchases, according to advisory firm Architect Partners. But it’s the trend of expanding into smaller tokens — along with the sheer number of such efforts — that has market participants on edge.

While the movement helped fuel a rebound in altcoins from April lows, the worry ...