Digital asset treasuries shift to premiums in 2026 as Strategy's $42B ATM, staking and DeFi revive valuations

Digital asset treasuries (DATs) that traded at discounts in late 2025 have flipped to trading at premiums in early 2026, with reports noting a rapid rebound in share prices relative to the value of underlying crypto holdings ^{[1] [2]}.

Strategy has been prominent in the recovery, expanding a $42 billion at‑the‑market (ATM) equity program that observers cite as a signal of renewed investor demand and capital flexibility among treasury-focused public companies ^[3].

Industry commentary attributes the turnaround to yield opportunities from staking and DeFi, diversification of holdings, and operational and funding adjustments after the 2025 market reset; Grayscale described DATs as staging a comeback after surviving that reset ^{[1] [4] [2]}.

The recovery appears driven by a mix of market forces and issuer actions — financing programs and on‑chain yield strategies are helping publicly listed treasuries narrow or reverse prior discounts to their crypto holdings ^{[3] [1]}.