Crypto treasury companies have reached a cumulative market capitalization of around $340 billion, up 10% since mid-August 2026. The reading is notable not only for the sector’s recovery but also for the divergence inside it: altcoin digital asset treasury (DAT) equities have posted substantially stronger returns than the tokens they track.
The sector-wide figure remains below the roughly $490 billion level seen around October and November 2025, according to The Block. The server-side data snapshot below sets out the latest performance measures.
Data Snapshot
| Metric | Current | Previous | Change | Period | As of | Source |
|---|---|---|---|---|---|---|
| Cumulative market capitalization of crypto treasury companies | around $340 billion | roughly $490 billion | up 10% since mid-August | Since mid-August 2026 | September 1, 2026 | The Block |
| Strategy (MSTR) performance | up 30% | — | — | Since August 17, 2026 | September 1, 2026 | The Block |
| Bitmine (BMNR) performance | up 27% | — | — | Since August 17, 2026 | September 1, 2026 | The Block |
| Underlying token performance | HYPE up 36%; ZEC up 56% | — | — | Since August 17, 2026 | September 1, 2026 | The Block |
| Altcoin DAT performance | PURR returned 62%; CYPH returned 142% | — | — | Since August 17, 2026 | September 1, 2026 | The Block |
Altcoin DAT returns outpace HYPE and ZEC
Since August 17, PURR returned 62% and CYPH returned 142%. PURR tracks HYPE, while CYPH tracks ZEC; over the same period, HYPE was up 36% and ZEC was up 56%.
These are not like-for-like instruments. PURR and CYPH are DAT equities, whereas HYPE and ZEC are the underlying tokens, so the comparison illustrates a gap in market performance rather than a direct token-price equivalence.
The broader group did not move uniformly. Bitmine (BMNR) was up 27% since August 17. Strategy (MSTR) rose 30% over the period and outperformed BTC by 10%, according to The Block’s September 1 data.
Crypto treasury companies hit $340 billion market cap as altcoin DATs outperform — Source: The Block
Ecosystem participation adds a second source of value
DATs buy and hold cryptocurrencies, raising capital at a premium and using that capital as leverage to acquire more tokens. That structure can make the shares a vehicle for investors seeking exposure to a treasury strategy rather than solely to a token’s market price.
For altcoin-focused DATs, the proposition can extend beyond holding the asset. The Block reported that they may derive additional value through ecosystem participation, including staking, governance voting, validation and mining operations. Those functions offer a supported explanation for why an equity’s return can depart from that of the token it tracks, though the reported figures do not isolate the contribution of each activity.
The $340 billion rebound remains below the 2025 peak
The 10% rise since mid-August has lifted the cumulative market capitalization of crypto treasury companies to around $340 billion, but it has not restored the sector to the roughly $490 billion valuation recorded around October and November 2025.
The number of companies had expanded rapidly before that period. CoinGecko reported that DATCos increased from 4 to 142 between January 2020 and October 2025, with 76 formed in 2025.
CoinGecko also put DATCo crypto holdings at $137.3 billion at the end of October 2025. That is a measure of the companies’ crypto holdings, not their cumulative company market capitalization, and therefore should not be read as interchangeable with the current around-$340-billion sector valuation.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.