A group known as the "Princeton Mafia" consisting of Princeton alumni, including Mike Novogratz of Galaxy Digital, Dan Morehead of Pantera Capital, and Ethereum co-founder Joe Lubin, has driven the rise of Digital Asset Treasury (DAT), raising over $44 billion this year and pushing the rebound of cryptocurrencies in 2025 through repeated financing and purchases of tokens like ETH and Solana. However, as the number of Bitcoins purchased by DAT plummeted 76% from 64,000 BTC in July to 15,500 BTC in September, a crisis is emerging, leading to significant declines in stock prices, such as SharpLink down 72% and BitMine down 40%, raising concerns about the sustainability of DAT amid mixed signals of ETF fund inflows.
