Good morning, dear crypto enthusiasts! Grab your coffee because today we’re diving into the thrilling world of digital assets, where Wall Street’s finest-oh, and Princeton’s finest too-are making moves.
As you sip on that caffeinated goodness, just know that while the money’s flowing and the names are familiar, there are some sneaky warning signs creeping up behind the crypto party. And trust me, they might just crash the whole thing sooner than you think!
Crypto News of the Day: Power, Billions, and Cracks in Wall Street’s DAT Machine
A little group of clever minds, all alumni of the prestigious Princeton University, is at the heart of one of the most audacious games in today’s market. Known as the “Princeton Mafia,” their influence stretches across the digital asset treasuries (DATs), which are essentially the trendiest way to handle crypto in 2025, or so they claim.
With the likes of Galaxy Digital’s Mike Novogratz, Pantera Capital’s Dan Morehead, and Ethereum co-founder Joe Lubin steering the ship, billions of dollars are pouring into crypto. These individuals have been continuously popping up in billion-dollar deals, stacking coins, raising capital, and… well, changing how Wall Street views crypto.
Get this: In just this year alone, over 85 publicly traded DAT firms have raked in a whopping $44 billion from investors spanning the globe-yes, from the US, Asia, and even the Gulf. I mean, talk about a global crypto party, right?
The strategy? It’s simple. Borrow the best tricks from Wall Street, raise money, buy ETH and Solana (SOL), stash them, and repeat until you’re swimming in digital gold.
And don’t think this is some random coincidence-these are the same well-oiled banker networks playing the game repeatedly. So, it’s no surprise that DATs have become one of the driving forces in crypto’s 2025 rally.
And the connections? Oh, they go back decades. Novogratz, Morehead, and Lubin were all athletes and classmates at Princeton in the 1980s. Now, years later, their firms just “happen” to keep crossing paths. Must be fate, right?
Just recently, SharpLink Gaming, which focuses on Ether, launched with backing from both Pantera and Galaxy. Oh, and let’s not forget BitMine Immersion-yep, both firms are also in on that one.
Even when they’re competing, as seen with their dueling Solana treasury launches last September, it’s like watching an episode of the crypto version of “Survivor” where they’re the only ones who win. A classic power play.
But beyond all the billion-dollar deals, there’s an underlying theme here: they’re all on a mission to reshape Wall Street, molding it for a new crypto speed era. Ever heard of the Princeton Center for the Decentralization of Power Through Blockchain Technology? Well, you should. These guys funded it. Yup, their vision is being institutionalized.
Cracks Emerge in the Digital Asset Treasury Engine
But wait! There’s a twist in the plot. You didn’t think it was all sunshine and crypto, did you? According to CryptoQuant, Bitcoin purchases by DATs plummeted 76% in recent months. That’s a drop from 64,000 BTC in July to just 15,500 so far in September. Ouch. 🥴
What’s going on? The big question is, can this whole DAT model really keep chugging along without fresh capital constantly flooding in? We’re starting to see cracks in the facade. And let’s face it, when Bitcoin’s supposed institutional anchor is sinking faster than a stone, it’s definitely worth a second look.
The public markets are feeling it too. Some treasury firms, once flaunting hefty premiums on their net crypto holdings, have seen their stock prices take a nosedive. In some cases, we’re talking about drops of over 90%. Yikes.
SharpLink dropped 72% in a single day after an equity sale filing, and Pantera-backed BitMine saw a 40% drop. Ouch, again.
Analysts are getting jittery. They’re warning that this whole DAT machine, which has been all about raising money, buying coins, and repeating the process, might not be able to keep up if capital markets start souring. It’s starting to look like quicksand, my friends.
And just to keep the drama going, ETFs (exchange-traded funds) have also seen their own share of losses, shedding almost $2 billion just last week. But don’t pop the champagne just yet-iShares Bitcoin Trust did manage to raise $2.5 billion in September. So maybe retail and institutional ETF buyers are picking up the slack where DATs left off. Interesting times, folks.
However, the difference is clear. ETFs bring transparency to the table, while DATs? Well, they’re all about volatility, leverage, and, let’s be honest, a whole lot of opacity.
Chart of the Day
Byte-Sized Alpha
Crypto Equities Pre-Market Overview
| Company | At the Close of September 26 | Pre-Market Overview |
| Strategy (MSTR) | $309.06 | $314.15 (+1.65%) |
| Coinbase (COIN) | $312.59 | $318.20 (+1.79%) |
| Galaxy Digital Holdings (GLXY) | $30.90 | $31.91 (+3.27%) |
| MARA Holdings (MARA) | $16.13 | $16.46 (+2.05%) |
| Riot Platforms (RIOT) | $17.69 | $18.06 (+2.09%) |
| Core Scientific (CORZ) | $16.85 | $16.99 (+0.83%) |
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2025-09-29 19:16