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In focus
- Another crypto winter may be brewing, courtesy of digital asset treasuries
- A dive into our archives to spotlight one of SEA’s few profitable Web3 startups
- SG’s ChemLex raises $45m to speed up drug discovery with AI
Hello reader,
Bitcoin has had a rollercoaster year. The cryptocurrency started 2025 at around US$90,000, peaked above US$120,000 in October, and has now tumbled back to around where it began.
But the real drama is playing out with digital asset treasuries (DATs). These are publicly traded companies that buy and hold major crypto assets like bitcoin and Ethereum. One popular example is US-based Strategy.
When crypto prices drop, so do DAT share prices. And when that happens, these companies struggle to raise the capital they need to keep buying more crypto and paying dividends.
Phong Le, CEO of Strategy, has already floated the idea of selling off bitcoin as a “last resort.” It hasn’t happened yet, but the warning signs are there.
Today’s top story breaks down why the DAT crisis could spiral into something much worse – something that could potentially echo the chaos of FTX’s 2022 collapse.
The crisis could threaten Southeast Asia’s Web3 startup scene, which has only recently recovered with the help of governmental and institutional support.
If DATs crash, crypto-native VCs would see their funds evaporate just as traditional investors write off the sector entirely. In other words, a funding freeze at the worst possible time.
What started as a clever way to give mainstream investors crypto exposure might end up being the Trojan horse that triggers the next market meltdown. And this time, Asia’s emerging Web3 scene has far more to lose.
Glenn Kaonang, journalist
Top Story
The next crypto winter could start with DATs
Image credit: Arsal Ysfin
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