# Сопутствующие статьи по теме DAT

Новостной центр HTX предлагает последние статьи и углубленный анализ по "DAT", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

Miners' 'Capitulation' Called a Bullish Factor for Bitcoin. Why

RBC Crypto reports that Bitcoin's price drop and increased mining competition have led to record-low profitability for miners, causing a "tactical" decline in hash rate in recent months. According to an analysis by VanEck, historical data since 2014 shows that periods of declining hash rate have often been a bullish signal for Bitcoin's price in the medium term. In 77% of cases where the hash rate fell over a 90-day period, Bitcoin's price saw positive returns over the next 180 days, with an average increase of 72%. This suggests that "miner capitulation may indicate a bottom" for Bitcoin's price. The hash rate peaked at around 1.31 Zh/s on October 24 but dropped to 1.02 Zh/s by December 23, a nearly 25% decline. During this period, Bitcoin's price fell from $110,000 to $87,500, having peaked at $126,200 in early October. Despite low profitability, many mining companies continue operations due to their belief in Bitcoin's future. The report also highlights the role of Digital Asset Treasury (DAT) companies, which have been accumulating Bitcoin as a reserve. Over a 30-day period until mid-December, these companies purchased approximately 42,000 BTC, the largest such acquisition since July-August 2025. However, DAT companies have faced challenges, with median stock prices for US and Canadian firms dropping 43% by December 8, and 70% of DAT stocks expected to be worth less by year-end. Additionally, 85% of tokens launched in 2025 have fallen below their initial offering price.

RBK-crypto12/23 11:07

Miners' 'Capitulation' Called a Bullish Factor for Bitcoin. Why

RBK-crypto12/23 11:07

DAT: The Evolution of Digital Asset Treasuries as Strategic Assets for Crypto Enterprises

By the end of 2025, the Digital Asset Treasury (DAT) remains a significant corporate trend in the crypto industry, evolving from passive market participation to a strategic resource integrated into long-term enterprise planning. Companies are increasingly incorporating digital assets like Bitcoin and Ethereum into their balance sheets, shifting focus from mere accumulation to rational asset allocation, risk management, and strategic engagement with blockchain ecosystems. DAT strategies now emphasize diversification, cash flow stability, and participation in on-chain governance, staking, and lending, transforming digital assets into tools for operational resilience and ecosystem influence. Market structure is maturing, with indices like MSCI raising standards for transparency and governance, moving from asset-driven to capability-driven evaluations. Enterprises demonstrating robust risk controls, diversified portfolios, and synergistic business-ecosystem integration show greater resilience. The industry is experiencing differentiation: firms with clear strategic frameworks and sustainable practices are gaining competitive edges, while those reliant on single assets or market sentiment face constraints. Ultimately, DAT's value lies not in the volume of assets held but in the ability to embed them within a coherent strategy, sound governance, and active ecological participation, marking a shift from financial instruments to key strategic resources in corporate growth.

marsbit12/22 13:06

DAT: The Evolution of Digital Asset Treasuries as Strategic Assets for Crypto Enterprises

marsbit12/22 13:06

Bitcoin dips below $85K as DATs face ‘mNAV rollercoaster’: Finance Redefined

Cryptocurrency markets faced a week of declines, with Bitcoin dropping over 5% to a low of $84,398 before recovering slightly. Solmate CEO Marco Santori warned that digital asset treasury (DAT) companies face sustainability risks due to volatility in their token holdings, which impacts their market-cap-to-net-asset-value (mNAV) ratios. In regulatory news, the SEC ended its four-year investigation into Aave, prompting founder Stani Kulechov to unveil a 2026 "master plan" targeting $1 billion in real-world asset deposits through Aave v4 and new products. Elsewhere, Hyperliquid proposed a governance vote to treat $1 billion in tokens as burned, ETHGas raised $12 million for Ethereum blockspace trading, and the SEC issued guidance requiring tokenized securities to comply with traditional custody rules. Most top cryptocurrencies closed the week in negative territory.

cointelegraph12/19 19:01

Bitcoin dips below $85K as DATs face ‘mNAV rollercoaster’: Finance Redefined

cointelegraph12/19 19:01

Pantera Partner: The Return of Professionalism and Rationality in Crypto VC, Where Is the Next Investment Hotspot?

Pantera Capital partners Paul Veradittakit and Franklin Bi discuss the current state and future trends of crypto venture capital. Despite a record $34 billion in total funding this year, deal volume has halved compared to 2021-2022, signaling a market shift toward professional, institutional capital focused on later-stage projects with rigorous due diligence. They attribute the previous "metaverse" and "altcoin" speculation frenzy to low interest rates and excess liquidity, which funded many unsustainable projects. The market is now rationalizing. Key developments include a clearer exit path via IPOs (e.g., Circle) and the emergence of Digital Asset Treasuries (DATs), which are actively managed vehicles for yield generation. DAT competition will hinge on execution and asset growth. Future investment themes include: - **Tokenization**: A multi-decade trend enabling programmable assets and new financial products, with stablecoins as a killer app. - **ZK-TLS (Zero-Knowledge TLS)**: Crucial for verifying off-chain data authenticity without exposing raw data, enabling new applications. - **Consumer/Prediction Markets**: Platforms like Polymarket offer democratized information discovery and entertainment. In a "bull or bear" segment: - **Stocks**: Divergent views on Robinhood (bullish for integration) vs. Coinbase (bullish for global institutional expansion). - **Payment Chains**: Skepticism about user lock-in vs. potential for optimized chains. - **Privacy**: Debate on whether it's a feature (bearish) or a investable vertical (bullish for enterprise solutions). Additional insights: - Token lockups should align investors and founders to ensure long-term commitment. - The "L1 war" isn't over; value capture mechanisms and user activity will determine winners.

marsbit12/19 07:39

Pantera Partner: The Return of Professionalism and Rationality in Crypto VC, Where Is the Next Investment Hotspot?

marsbit12/19 07:39

Power × Crypto × Leverage: When the 'Trump Trade' Pushes the Crypto Market Toward Systemic Risk

"The 'Trump Trade' in cryptocurrency has catalyzed a surge of high-risk financial activity, pushing the crypto market toward systemic risk. Following regulatory easing and explicit support from former President Trump, over 250 public companies have adopted a 'crypto treasury' strategy, borrowing heavily to amass digital assets like Bitcoin. This leveraged speculation, coupled with new products like 10x leveraged futures on major exchanges, led to a massive flash crash in October, wiping out $19 billion in leveraged positions and causing widespread exchange outages. The article highlights the rise of 'Digital Asset Treasuries' (DATs)—often shell companies that pivot to hoarding crypto—which have announced plans to borrow over $20 billion. Many of these entities have ties to Trump’s family business, World Liberty Financial, blurring the lines between political influence and private profit. One DAT, ALT5 Sigma, saw an 85% stock plunge after a executive was convicted of money laundering. Simultaneously, firms like Plume and Kraken are advancing 'tokenization'—creating crypto tokens tied to real-world assets like stocks—raising concerns at the Federal Reserve about contagion risk to the traditional financial system. While crypto advocates frame this as innovation, former regulators warn that the blurring of speculation and investment, amplified by extreme leverage, echoes pre-crisis financial patterns. The SEC has expressed concern but, under Trump-appointed leadership, is also pursuing a supportive regulatory framework."

marsbit12/18 13:50

Power × Crypto × Leverage: When the 'Trump Trade' Pushes the Crypto Market Toward Systemic Risk

marsbit12/18 13:50

DAT longevity hinges on avoiding ‘mNAV roller coaster’: Solmate CEO

Digitalsummary": "Solmate CEO Marco Santori argues that the longevity of digital asset treasury (DAT) companies depends on avoiding the volatility of the 'mNAV roller coaster.' While pure-play DATs rely on maintaining a high market-cap-to-net-asset-value (mNAV) ratio to grow, their survival is threatened when interest in their underlying token wanes and mNAV drops. Santori advocates for a diversified business model instead of a pure treasury play. Solmate's strategy focuses on providing bare-metal validator services and infrastructure for high-performance computing on Solana, catering to clients like hedge funds that require low-latency access. This generates cash flow, which is reinvested into buying more SOL, creating a sustainable 'infrastructure flywheel' rather than being solely dependent on token price appreciation."}

cointelegraph12/18 13:36

DAT longevity hinges on avoiding ‘mNAV roller coaster’: Solmate CEO

cointelegraph12/18 13:36

Strategy Resumes Spending Billions on Bitcoin. How Its Reserve Has Grown

MicroStrategy, the largest corporate holder of Bitcoin, has significantly increased its reserves, purchasing nearly $2 billion worth of Bitcoin in the first half of December. On December 15, the company reported buying 10,645 BTC for $980.3 million, following a $962.7 million purchase the previous week. This brings its total holdings to 671,268 BTC, representing over 3% of Bitcoin's total supply. Since 2020, MicroStrategy has spent approximately $50.33 billion on Bitcoin, with an average purchase price of $74,972 per BTC. The company funded these acquisitions primarily through the issuance of additional MSTR shares and other preferred shares. Despite its stock trading 53% below its July peak, MicroStrategy continues its strategy of accumulating Bitcoin using debt and equity financing. Additionally, MicroStrategy has established a $1.4 billion dollar reserve to cover investor obligations, a move analysts interpret as preparation for a potential "crypto winter." This strategy has inspired other companies, termed Digital Asset Treasuries (DAT), such as BitMine—the largest corporate holder of Ethereum—which also reported increasing its ETH reserves to 3.97 million coins.

RBK-crypto12/15 15:39

Strategy Resumes Spending Billions on Bitcoin. How Its Reserve Has Grown

RBK-crypto12/15 15:39

Grasp Four Keywords to Enter the Main Theme of Crypto in 2025 Early

The article "4 Major Keywords: The Four Seasons of Crypto in 2025" reviews the key developments in the cryptocurrency industry throughout 2025, a year marked by significant regulatory shifts, market volatility, and growing mainstream adoption. The year began with the "Trump Effect," as the new U.S. President took office, driving Bitcoin toward $100,000 and sparking a memecoin frenzy with TRUMP token, which reached an $80 billion market cap. Regulatory progress included the appointment of a crypto-friendly SEC chair and the proposal of a national Bitcoin reserve using seized assets. Summer saw market turbulence due to Trump's global tariff policies, causing sharp declines in both crypto and stock markets. Ethereum rebounded strongly, fueled by the rise of DAT treasury companies—public firms holding ETH and other cryptocurrencies—though many later faced significant losses. Stablecoins and PayFi gained prominence, especially after Circle’s successful public listing. Autumn brought breakthroughs in stock tokenization, with platforms like xStocks enabling on-chain trading of tokenized equities. Traditional players like Nasdaq also entered the space. Meanwhile, on-chain Perp DEXs like Aster and stablecoin projects like Plasma and WLFI attracted attention, though their tokens later declined sharply. Winter was defined by the "10·11 Great Crash," triggered by Trump’s tariff threats, resulting in over $300–400 billion in liquidations. Despite the crash, prediction markets like Polymarket and Kalshi thrived, both reaching valuations exceeding $10 billion. The year, crypto continued its path toward mainstream integration, heavily influenced by U.S. policy and traditional finance. The industry’s evolution emphasized both opportunities and risks, requiring adaptability from participants navigating this dynamic landscape.

比推12/12 06:39

Grasp Four Keywords to Enter the Main Theme of Crypto in 2025 Early

比推12/12 06:39

Strategy Takes a Hardline Stance Against MSCI: What's in the 12-Page Open Letter of Defense?

In October 2024, MSCI proposed excluding companies with over 50% of their assets in digital assets from its global investable market indices, directly threatening Digital Asset Treasury (DAT) companies like MicroStrategy. Analysts warned this could trigger up to $8.8 billion in outflows, with MicroStrategy alone facing $2.8 billion in passive selling pressure. In response, MicroStrategy submitted a 12-page public letter to MSCI, strongly opposing the proposal as "misleading and destructive." The company argued that digital assets represent a revolutionary financial technology, comparable to historic infrastructure investments like oil or telecommunications. It emphasized that DATs are operational businesses with active revenue models, not passive funds, and criticized the 50% threshold as arbitrary, discriminatory, and impractical due to Bitcoin's volatility. MicroStrategy also accused MSCI of violating index neutrality and contradicting the U.S. government's pro-digital asset strategy. The company demanded MSCI withdraw the proposal or extend the consultation period. It is not alone—over 300 entities, including Strive and Bitcoin for Corporations, have joined opposition efforts, suggesting alternative indices instead of exclusion. The outcome, expected by January 2026, will significantly impact the integration of digital asset companies into traditional financial markets.

marsbit12/11 19:52

Strategy Takes a Hardline Stance Against MSCI: What's in the 12-Page Open Letter of Defense?

marsbit12/11 19:52

Can Strategy's Strong Defense Prevent MSCI from Excluding Digital Asset Companies?

Global index provider MSCI has proposed excluding companies with digital assets exceeding 50% of their total assets from its global investable market indices, a move that could trigger significant capital outflows—estimated at up to $8.8 billion—from firms like MicroStrategy. In response, MicroStrategy submitted a detailed rebuttal, arguing that the proposal is discriminatory, operationally impractical, and undermines both investor interests and U.S. strategic goals for digital asset leadership. The company emphasized that digital asset treasuries (DATs) are active businesses, not passive funds, and should be treated like other single-asset-focused firms such as oil or REIT companies. MicroStrategy urged MSCI to withdraw the proposal or extend the consultation period. The outcome, expected by January 2026, could significantly impact the integration of digital asset firms into traditional financial markets.

比推12/11 13:09

Can Strategy's Strong Defense Prevent MSCI from Excluding Digital Asset Companies?