Bloomberg: the digital treasury boom ended in failure

The strategy of DAT companies, which copied Michael Saylor’s model—raising capital and buying crypto—saw a sharp rise in the first half of the year, but then collapsed. The shares of many firms plummeted: the median decline was 43%, with some companies losing up to 99% of their value and now trading below the value of their crypto assets.

The main problem is that tokens do not generate income, while debts and dividends still need to be serviced.

For the first time, Strategy allowed for the possibility of selling BTC, which weakens the key narrative of “eternal hodling” and creates the risk of chain liquidations. At the same time, large DATs are starting to acquire smaller ones that have fallen below the value of their assets.
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