Ledn CEO Adam Reeds Says Bitcoin Treasury Fever Is Cooling as DAT Market Value Slumps Below $150B

Ledn co-founder and CEO Adam Reeds says recent market dynamics point to a turning point for coin hoarding by digital asset treasury firms. Reeds observed that the era when treasury strategies delivered outsized gains—highlighted by MicroStrategy’s 24x and Bitcoin’s roughly 10x appreciation over five years—is proving more difficult to replicate, challenging the investment case for aggressive accumulation.

Recent market data indicate a cooling of the crypto treasury trend: the aggregate market capitalization of DAT companies has dropped below $150 billion, and the combined value of the Bitcoin treasury cohort declined from $165 billion to $134 billion despite relative Bitcoin price stability. Public equities aligned with these models have also retraced, with notable share-price declines reported across the sector.

Reeds emphasized that the core problem is the waning ability to deliver a unique value proposition. Many DAT company CEOs state that raising cryptocurrency per share is their primary objective, yet it remains unclear whether they possess distinctive management capabilities or superior capital allocation frameworks to sustain premium valuations.