The ecosystem #DigitalAssets Treasury (#DAT ), which just a few months ago seemed like a new phase of corporate finance, is experiencing a sharp collapse. The model, built by analogy with Michael Saylor's strategy, has shown systemic vulnerabilities.

1. How the DAT model worked

The principle was simple: companies raised capital, converted it into crypto assets, and demonstrated market dynamics that outpaced the growth of the assets themselves. In the first half of the year, this approach had an explosive effect. The stocks of individual companies soared by hundreds and thousands of percent. SharpLink demonstrated over +2600%, ALT5 Sigma received significant attention due to the involvement of members of the Trump family.

2. Why the model collapsed

Investors quickly identified fundamental problems. Crypto assets do not generate cash flows, while debt obligations - convertible bonds, preferred shares - require regular payments. When the growth of the crypto market slowed down, companies lost the basis for supporting market value.

As a result, the median decline in the shares of DAT companies in the USA and Canada was about 43%, with some issuers losing 99% of their value. Some companies are now worth less than the market value of the assets on their balance sheets.

3. Risks for the crypto market

To maintain the company's liquidity, they began considering the sale of crypto assets. #strategy for the first time allowed the possibility of realizing part of #BTC to cover dividend payments. This calls into question a key element of the rhetoric about 'eternal hold'.

If mass sell-offs spread to other DAT, the market could experience a domino effect: pressure on the price of crypto assets, margin calls, and further forced liquidations.

4. Counter-trend: sector consolidation

Against the backdrop of the collapse in the value of several DAT compared to the value of assets, some large companies began actively buying out smaller structures. This forms a new cycle of asset redistribution, but does not eliminate systemic problems.

5. Strategy Position

Despite a 38% decline this year, the company's shares remain above 1200% of their level in 2020. However, the very fact of accepting the possibility of selling BTC demonstrates a shift in strategic approach, which could signal for the entire sector.

6. Conclusion

The boom of digital treasuries turned out to be temporary. The model that worked during the phase of rapid growth of the crypto market could not withstand the conditions of altered liquidity and increased risks. The future of the sector will depend on the resilience of companies to debt obligations and their ability to adapt business models to the real financial environment.