The Wall Street’s Princeton Mafia Behind Bitcoin and Ethereum Treasuries | US Crypto News
Welcome to the US Crypto News Morning Briefing—your important rundown of crucial developments in crypto for the day forward.
Grab a espresso as influential circles form daring new bets in crypto. Capital has poured in, methods repeat at velocity, and acquainted names preserve surfacing. Yet behind the momentum, warning indicators are rising, leaving questions on how lengthy this cycle can actually final.
Crypto News of the Day: Power, Billions, and Cracks in Wall Street’s DAT Machine
A decent circle of Princeton alumni is central to digital asset treasuries (DATs), one of many boldest bets in as we speak’s markets, as indicated in a latest US Crypto News publication.
Dubbed the “Princeton Mafia,” figures like Galaxy Digital’s Mike Novogratz, Pantera Capital’s Dan Morehead, and Ethereum co-founder Joe Lubin have repeatedly appeared in billion-dollar treasury offers, elevating capital, stockpiling cash, and reshaping Wall Street’s strategy to crypto.
Over 85 publicly traded DAT corporations have emerged this yr alone, elevating upwards of $44 billion from buyers spanning the US, Asia, and the Gulf.
While the technique is straightforward, it’s also highly effective. It leverages Wall Street playbooks to lift money, purchase crypto tokens like ETH and Solana (SOL), maintain them on steadiness sheets, and then repeat.
With recurring participation patterns by the identical elite bankers and fund managers’ networks, DATs shortly turned one of the influential forces in crypto’s 2025 rally.
Novogratz, Morehead, and Lubin’s ties return to Princeton University within the Eighties, when the three had been athletes and classmates. Decades later, their corporations typically cross paths in crypto ventures by coincidence or design.
Recent offers illustrate the overlap, together with Lubin’s Ether-focused SharpLink Gaming launching this yr with backing from each Pantera and Galaxy. The two corporations additionally invested in BitMine Immersion.
Even when competing, as with dueling Solana treasury launches from Pantera and Galaxy in September, the trio’s presence highlights their gravitational pull available in the market.
This affect extends past dealmaking. The group helped fund Princeton’s Center for the Decentralization of Power Through Blockchain Technology, institutionalizing their shared imaginative and prescient of Wall Street re-engineered for crypto velocity.
Cracks Emerge within the Digital Asset Treasury Engine
Yet the daring experiment is already displaying pressure. According to CryptoQuant knowledge, Bitcoin purchases by DATs plunged 76% in latest months, falling from 64,000 BTC in July to only 15,500 to this point in September.
The sharp drop raises questions on whether or not the DAT mannequin can maintain itself with out fixed recent capital inflows.
The sell-off has hit public markets arduous. Shares of treasury corporations that after traded at hefty premiums to their internet crypto holdings have collapsed. In some circumstances, they’ve dropped greater than 90% from situation costs.
SharpLink plunged 72% in a single day following an fairness sale submitting, whereas Pantera-backed BitMine dropped 40% after an identical transfer.
Analysts warn that the DAT machine, which entails elevating, shopping for, and repeating, dangers breaking down if capital markets bitter.
Bitcoin’s supposed institutional anchor seems extra like quicksand with out company treasuries as regular patrons.
Alongside DATs, ETF (exchange-traded funds) inflows are additionally wobbling, losing nearly $2 billion last week.
Notwithstanding, the iShares Bitcoin Trust drew $2.5 billion in September, up from $707 million in August. This suggests retail and institutional ETF patrons could also be absorbing demand left unmet by treasuries.
Still, the slowdown in DAT shopping for highlights a rising divergence. ETFs present transparency, whereas DATs expose buyers to volatility, leverage, and opaque deal buildings.
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Here’s a abstract of extra US crypto information to observe as we speak:
- Can XRP overcome bearish October history with key catalysts forward?
- Metaplex founder explains why crypto firms choose token launches over VC in 2025.
- $8 billion in Bitcoin accumulation may drive BTC value to $115,000.
- Four US jobs reports that could sway Bitcoin market sentiment this week.
- Solana ETF hype builds: Could institutional inflows push SOL to $300+?
- Bitcoin still below peak as gold climbs—Is a catch-up rally imminent?
- US shutdown risk at 66% — Crypto faces turbulence as deadline nears.
- Top three crypto airdrop opportunities for the primary week of October.
Crypto Equities Pre-Market Overview
| Company | At the Close of September 26 | Pre-Market Overview |
| Strategy (MSTR) | $309.06 | $314.15 (+1.65%) |
| Coinbase (COIN) | $312.59 | $318.20 (+1.79%) |
| Galaxy Digital Holdings (GLXY) | $30.90 | $31.91 (+3.27%) |
| MARA Holdings (MARA) | $16.13 | $16.46 (+2.05%) |
| Riot Platforms (RIOT) | $17.69 | $18.06 (+2.09%) |
| Core Scientific (CORZ) | $16.85 | $16.99 (+0.83%) |
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