CRYPTO-HOARDING FIRMS RISK MARKET CONTAGION Crypto-hoarding treasury companies (DATs), which fueled last year’s crypto rally, now threaten broader markets as selling pressure mounts. With Bitcoin down nearly 50% from its October peak, DATs without revenue may be forced to sell crypto to fund operations, creating “narrative contagion” that could spook investors. Recent sales by firms like Ethzilla and FG Nexus show the risk is real. Falling DAT stock prices and ETF outflows could push Bitcoin toward $50K–$55K. Vulnerable companies include Enlivex, Twenty One Capital, and Evernorth, while better-capitalized firms like The Smarter Web Company remain solvent, having avoided risky debt structures. Hughes calls it the “Hotel California trade”: easy to check in with crypto holdings, but hard to exit without crashing the market.(*Walter Bloomberg)