Crypto Treasury Companies Surpass $340B as Altcoin DATs Outshine Underlying Tokens

Crypto treasury companies have seen their market capitalization rise to around $340 billion, up 10% since mid-August 2026. This growth is notable not only for the sector's recovery but also for the divergence within it.

Altcoin digital asset treasuries (DATs) have outperformed their underlying tokens, with PURR tracking HYPE and CYPH tracking ZEC both posting significantly higher returns. Since August 17, PURR returned 62% and CYPH returned 142%, while HYPE was up 36% and ZEC was up 56%. This difference in performance is attributed to the DATs' structure, which allows them to buy and hold cryptocurrencies at a premium and use that capital as leverage to acquire more tokens.

The sector-wide figure remains below its peak of around $490 billion seen in October and November 2025. The number of companies had expanded rapidly before this period, with CoinGecko reporting 142 DATCos formed between January 2020 and October 2025, including 76 in 2025 alone.