Digital Asset Treasury Companies Present New Shareholder Litigation Risks (Law.com)

In his recent Law.com article, Goodwin partner Daniel Roeser explains that digital asset treasury companies (DATs) are domestic and international publicly traded companies with business strategies that include the use of the corporate treasury to accumulate digital assets. DATs became increasingly popular throughout 2025 as their market capitalizations at times reflected a nearly 2x premium to the market values of their digital assets (i.e., market capitalization was nearly $200 for every $100 of digital assets). In recent months, however, the trend has reversed. For some DATs, their market capitalizations now reflect a discount to the market values of their digital assets (i.e., market capitalization is less than $100 for every $100 of digital assets). This development may increase DATs’ risks of shareholder litigation, such as (1) putative securities class actions by investors challenging disclosures as false or misleading under Section 10(b) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder and (2) putative shareholder derivative actions by investors challenging the corporate actions of DATs’ directors and officers as breaches of fiduciary duties.

Read the full analysis: “Digital Asset Treasury Companies Present New Shareholder Litigation Risks” (Law.com)