# 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.

Why Isn't Asia's Largest Bitcoin Treasury Company Metaplanet Buying the Dip?

Metaplanet, the Japanese company known as the "Asian MicroStrategy," has paused its Bitcoin accumulation strategy for ten consecutive weeks since September 30, despite the recent market correction. While giants like MicroStrategy continued buying—adding 10,624 BTC at an average of $90,615—Metaplanet shifted its focus to stock buybacks and capital structure improvements. This pause reflects a broader industry trend where Bitcoin treasury firms (DATs) are prioritizing risk management over aggressive accumulation. DATs have faced significant pressure, with median stock prices dropping 43% and some falling over 99%, leading Galaxy to warn of a "Darwinian phase" for the sector. Metaplanet’s tactical halt aims to protect shareholder value and avoid further dilution, especially after its mNAV fell below 1x. The company also seeks to avoid accounting losses under Japan’s conservative standards, as its Bitcoin holdings have over $500 million in unrealized losses with an average cost of $108,000. Instead, Metaplanet is leveraging Japan’s low-interest environment to develop innovative financing tools, such as the "Mercury" perpetual preferred stock offering a 4.9% yield—ten times local bank rates—with 73% of proceeds directed to Bitcoin purchases. It also uses Moving Strike Warrants (MSW) to raise capital without violating Japan’s market restrictions. The company benefits from unique advantages: yen depreciation enhances Bitcoin’s appeal as a hedge, and Japanese investors use tax-free NISA accounts to gain BTC exposure via Metaplanet stock. Major institutions like Capital Group have increased stakes, seeing lower financing costs and higher return potential compared to Western counterparts. However, short-term risks remain, including potential sell pressure if MSCI removes Metaplanet from its Japan Index due to high Bitcoin exposure. Ultimately, the pause is a strategic recalibration, not a retreat, highlighting the DAT sector’s maturation from aggressive accumulation to sustainable, risk-aware growth.

marsbit12/11 12:43

Why Isn't Asia's Largest Bitcoin Treasury Company Metaplanet Buying the Dip?

marsbit12/11 12:43

Strategy Takes a Hard Line Against MSCI: The Ultimate Defense of DAT

In a significant industry clash, digital asset treasury company Strategy has issued a forceful 12-page public letter to MSCI opposing its proposal to exclude companies with over 50% digital asset holdings from its global investable market indices. Strategy argues the move is discriminatory, misleading, and threatens billions in capital flow, potentially causing up to $2.8 billion in passive outflows from its stock alone. The company defends its business model, asserting that digital asset treasuries (DATs) are operational companies—not passive funds—with active strategies like issuing digital debt instruments to fund Bitcoin acquisitions and generate shareholder returns. It compares its role to historic infrastructure builders like Standard Oil and AT&T, emphasizing Bitcoin’s transformative potential in finance. Strategy highlights four key objections: the proposal is arbitrarily discriminatory against digital assets; it violates index providers' neutrality principles; it is impractical due to Bitcoin's volatility and accounting disparities; and it contradicts the U.S. government’s pro-digital asset strategy. The firm demands MSCI withdraw the proposal or extend consultations. Backed by industry advocates and data showing over 200 public companies hold more than 5% of Bitcoin’s supply, Strategy urges MSCI to let markets—not biased rules—determine the value of digital asset companies. The decision, expected by January 2026, could redefine the role of crypto-native firms in traditional finance.

深潮12/11 08:38

Strategy Takes a Hard Line Against MSCI: The Ultimate Defense of DAT

深潮12/11 08:38

Twenty One Plunges Nearly 20% on Debut: The Valuation Mystery of the Third-Largest Bitcoin DAT

Twenty One Capital (NYSE: XXI), a Bitcoin-focused asset reserve company backed by Tether and SoftBank, debuted on the New York Stock Exchange on December 9. Despite its strong backing and large Bitcoin holdings, its stock plunged nearly 20% on the first trading day. The company holds 43,514 BTC, making it the third-largest corporate Bitcoin holder globally, yet its market valuation sits at just $186 million—a mere 4.6% of its Bitcoin's market value. This extreme discount stems from its reliance on "shareholder injections" rather than open-market purchases. Most of its Bitcoin came directly from Tether, raising transparency and sustainability concerns. The broader Digital Asset Treasury (DAT) model is under pressure, with most major Bitcoin-holding companies trading below their net asset value. While proponents like Michael Saylor argue Bitcoin will become a foundational asset in the digital economy, the market remains skeptical in the short term, demanding more proof of the model’s resilience.

Odaily星球日报12/10 10:12

Twenty One Plunges Nearly 20% on Debut: The Valuation Mystery of the Third-Largest Bitcoin DAT

Odaily星球日报12/10 10:12

Strategy Bought the Largest Batch of Bitcoin Since July

MicroStrategy, the largest corporate holder of Bitcoin, has made its most significant purchase since July 2025, acquiring 10,624 BTC for $962.7 million at an average price of $90,615 per Bitcoin. As of December 7th, the company holds 660,624 BTC, representing 3% of the total Bitcoin supply, acquired for a total of $43.35 billion at an average price of $74,696 per BTC. The company’s business model, pioneered by founder Michael Saylor, involves purchasing cryptocurrency using funds raised through debt and equity offerings. This has inspired other firms, known as Digital Asset Treasuries (DATs). However, 2025 has been challenging for the DAT sector. According to Bloomberg, the median stock of U.S. and Canadian public DAT companies is down 43%, and 70% of these stocks are expected to finish the year lower than they started, with most companies being unprofitable. Despite the industry's difficulties, other firms are also accumulating crypto. BitMine, the largest corporate holder of Ethereum, purchased 138,452 ETH in the first week of December, bringing its total holdings to 3,864,951 ETH ($12.1 billion), which is 3.2% of its market capitalization. The company plans to increase its reserve to 5% of the Ethereum supply. Additionally, MicroStrategy announced the creation of a $1.4 billion dollar reserve to cover investor obligations, ensuring it would not be forced to sell its Bitcoin holdings.

RBK-crypto12/08 16:46

Strategy Bought the Largest Batch of Bitcoin Since July

RBK-crypto12/08 16:46

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