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Remember DAT? A New Chapter Begins
For much of last year, digital asset treasuries (DATs) were on an incredible run. Public companies that hold digital assets on their balance sheets, such as Strategy (formerly MicroStrategy), traded at high multiples, allowing them to issue shares to buy more tokens. That resulted in a proliferation of copycat ventures for virtually every major crypto asset. But the music had stopped by the end of 2025: many DAT share prices were trading at a discount to the value of their crypto assets. Worse yet, Strategy, the standard-bearer of DATs, was facing possible exclusion from benchmark indexes. Questions arose over ... (full story)