Crypto Treasury Stocks Drop 43% YTD Despite AI Pivot Shifts

DAT stocks fall 43% YTD as AI pivots fail to boost valuations. Bitcoin mining firms repurposing for AI outperform, while Strategy sees 81% drawdown from peak.

Woofun AI data shows that digital asset treasury (DAT) companies shifting to AI have not recovered investor confidence, with median U.S. and Canadian DAT stocks down 43% year-to-date. K Wave Media fell 71% after moving into data centers in May, Lixte Biotechnology dropped 33% following a June battery merger, and Alpha Compute declined 33% since its April rebranding. In contrast, Bitcoin mining firms repurposing infrastructure for AI, such as CoreWeave, Hut 8, Iren, and TeraWulf, are attracting attention, with CoreWeave up 80% since its March 2025 listing. The broader market reflects weakness, with BTC down 49% from its October peak and ETH down 38% year-to-date. Strategy, which pioneered the model, has seen its stock drop 81% from its November 2024 high.