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Tron treasury firm Tron Inc. has plummeted 85% since June amid a broader slump in the shares of digital asset treasury (DAT) companies.
The stock price for the Nasdaq-listed toy and souvenir manufacturer managed to reach a peak of $12.80 on June 20, but has been in a continued downtrend ever since a reverse merger with SRM Entertainment in July. 
Much of the drop happened last month, when the TRX treasury company’s stock price plummeted 55%. The slide continued in the past 24 hours, when its shares tumbled more than 7% to trade at $1.92 as of 4:38 a.m. EST, according to <a href="https://www.google.com/finance/quote/TRON:NASDAQ?sa=X&amp;ved=2ahUKEwiqo9qvzIKQAxXQUkEAHXTTDiIQ3ecFegQIOBAb" rel="noopener noreferrer nofollow">Google Finance</a>.&nbsp;
<img src="https://insidebitcoins.com/wp-content/uploads/2025/10/Screenshot-2025-10-01-103857-300x166.png" alt="Tron Inc. share price" width="770" height="426">
Tron Inc. share price (Source: Google Finance)
<h2 id="span-style-font-weight-400-major-dat-firms-are-all-suffering-stock-drops-span">Major DAT Firms Are All Suffering Stock Drops</h2>
Tron Inc. is not the only crypto treasury firm that is struggling to keep its stock price up.&nbsp;
Leading corporate Bitcoin holder Strategy, whose Executive Chair and Bitcoin maxi Michael Saylor pioneered the crypto treasury trend, has seen its MSTR stock shed 5.7% of its value in the past month.
Leading Ethereum treasury firm BitMine Immersion Technologies has seen its <a href="https://www.google.com/finance/quote/BMNR:NYSEAMERICAN?sa=X&amp;ved=2ahUKEwjKgNr4yoKQAxXmd0EAHW8AJtkQ3ecFegQINxAb" rel="noopener noreferrer nofollow">stock price</a> dive over 5% in the past week and it’s slumped 22% in the past month.&nbsp;
The bearish trend for DAT companies also extends to firms that are building holdings in smaller cryptos. Among them is SOL Strategies, a Solana (SOL) treasury firm whose share price has tumbled 16% in the past week and 32% in a month.&nbsp;&nbsp;
<img src="https://insidebitcoins.com/wp-content/uploads/2025/10/Screenshot-2025-10-01-105152-300x156.png" alt="Sol Strategies share price" width="740" height="385">
SOL Strategies share price performance over the past month (Source: <a href="https://www.google.com/finance/quote/HODL:CNSX?sa=X&amp;ved=2ahUKEwjo9NODy4KQAxV_QUEAHfLAMPUQ3ecFegQIOhAb" rel="noopener noreferrer nofollow">Google Finance</a>)
Those drops in DAT share prices come as BTC’s price rose over 6% in the past month, according to <a href="https://coinmarketcap.com/" rel="noopener noreferrer">CoinMarketCap</a>, while SOL’s price also climbed 6% during the same period. Altcoin market leader ETH has fallen 4% in the past month.&nbsp;
<h2 id="span-style-font-weight-400-analysts-had-warned-of-a-pullback-for-dats-span">Analysts Had Warned Of A Pullback For DATs</h2>
Analysts had raised flags about the sustainability of the debt financing model used to purchase crypto by treasury firms.&nbsp;
Among them was fund manager VanEck, which warned that companies who issue debt or equity to fund crypto purchases risk chipping away at shareholder value once the stock price trades near the company’s NAV (Net Asset Value).&nbsp;
New York Digital Investment Group (NYDIG) also said in a <a href="https://viewemail.nydig.com/what-dat-premiums-say-about-the-cycle?ecid=ACsprvsXRPjVHK2MlrrHe7A1H2CVIpVZLVke4yq_eAhM3pvgn3GTqiJWUGRjURU5Bv0p_WblRcyf&amp;utm_campaign=Research%20Emails&amp;utm_medium=email&amp;_hsenc=p2ANqtz-9OMO-apm1llBVZTGdTtDs9ut2Hzmc6Bc-CdZisjdwi7IJX24NL0PmMpfXJsZaLmijdNtZFX_eknl82e2FwuJqjhNpMLPg80_jbf7nfn39ESKC2niA&amp;_hsmi=379257698&amp;utm_content=379257698&amp;utm_source=hs_email" rel="noopener noreferrer nofollow">Sept. 5 report</a> that “a bumpy ride may be ahead” for the firms as incoming mergers and financing deals risk a “substantial wave of selling” from investors.
At the start of September, K33 <a href="https://k33.com/research/articles/strength-into-the-fomc" rel="noopener noreferrer nofollow">reported</a> that around 25% of public Bitcoin treasury firms are currently trading below their NAVs.&nbsp;
That hasn’t stopped firms including Strategy, BitMine and Japan’s Metaplanet from adding to their crypto stashes, with the latter announcing today that it had bought another $616 million Bitcoin.
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Tron Inc. Stock Collapses 85% Amid Broader Digital Asset Treasury Slump

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