Bitcoin DATs Capitulate—Could This Rare Signal Mark A Bottom?
Data shows the Bitcoin treasury companies have shown an inflection recently, something that has turned out to be bullish in the past. Last Two Bitcoin Treasury Capitulation Inflections Led To Bullish Action In a new post on X, Capriole Investments founder Charles Edwards has talked about the latest trend in the buying participation of the Bitcoin Digital Asset Treasuries (DATs). A DAT is a company that holds a cryptocurrency on its balance sheet as a way to provide its investors with exposure to the assets price movements. The most popular DAT strategy involves Bitcoin, the digital asset ranked largest by market cap. The most prominent name in the space is Michael Saylors Strategy, which has been a relentless buyer of the cryptocurrency even as it has gone through a bearish transition since Q4 2025. Unlike Strategy, though, the other DATs havent held the same amount of conviction in the asset. As the below chart shared by Edwards shows, the percentage of DAT firms participating in buying observed a decline as the bearish market shift occurred, with an especially sharp plunge coming in April. Its also visible in the chart, however, that since the drop to extreme lows in April, the metric has seen a quick bounce.