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🌻Bitcoin: the MSCI would make a serious mistake by excluding the DAT, according to the CEO of Strategy
Monumental mistake. The MSCI (Morgan Stanley Capital International) is an organization that manages benchmark stock indices, such as the MSCI World Index for example. These indices are used by investors to assess the performance of global financial markets. Last month, the MSCI launched a consultation to exclude companies holding more than 50% of their assets in cryptocurrencies from its indices. A decision that could severely impact a company like Strategy, which holds the largest reserve of Bitcoin (BTC) in the world.
🏛️ Regulatory Outlook for Digital Asset Treasury (DAT) Companies
The regulatory landscape for DAT companies is rapidly maturing, moving beyond simple compliance into specific accounting and disclosure requirements.
A major focus is on US GAAP accounting standards, with new rules (like FASB's ASU 2023-08, mandatory in 2025) now requiring qualifying crypto holdings to be measured at fair value, with gains and losses impacting net income. This replaces the old "cost less impairment" model, forcing greater transparency but also introducing significant price volatility directly onto corporate earnings reports.
Simultaneously, the SEC is demanding enhanced disclosure requirements for public offerings, specifically concerning risk factors, custody of assets, and management expertise related to crypto. While this "packages crypto assets within SEC-regulated securities," providing comfort to institutional investors, the tightening scrutiny highlights the market's fragility, particularly for firms that are heavily leveraged or reliant on aggressive token-staking strategies to generate yield.
#DAT
The regulatory landscape for DAT companies is rapidly maturing, moving beyond simple compliance into specific accounting and disclosure requirements.
A major focus is on US GAAP accounting standards, with new rules (like FASB's ASU 2023-08, mandatory in 2025) now requiring qualifying crypto holdings to be measured at fair value, with gains and losses impacting net income. This replaces the old "cost less impairment" model, forcing greater transparency but also introducing significant price volatility directly onto corporate earnings reports.
Simultaneously, the SEC is demanding enhanced disclosure requirements for public offerings, specifically concerning risk factors, custody of assets, and management expertise related to crypto. While this "packages crypto assets within SEC-regulated securities," providing comfort to institutional investors, the tightening scrutiny highlights the market's fragility, particularly for firms that are heavily leveraged or reliant on aggressive token-staking strategies to generate yield.
#DAT
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The boom of digital treasuries has ended in failure — Bloomberg
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.
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.
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21shares Ethena ETP (EENA) represents the acceptance level of retail users for the price of $ENA .
Yesterday (12/3), 21shares officially listed the ETP product EENA, based on ENA single asset exposure, on the Swiss stock exchange (SIX Swiss Exchange).
Monitoring the trend of EENA might be better than keeping an eye on the price of StablecoinX (Ethena DAT)?
-
StablecoinX is an ENA reserve company established through a collaboration between Ethena and a venture capital firm. It is traded as a U.S. stock and is not as pure as trading products like ETP.
Although StablecoinX will purchase ENA through the Ethena Foundation, it is more inclined to buy ENA within a specific price range during a specific time period, thus having a clearer cost price.
(According to DefiLlama, the average cost price corresponding to the two completed rounds of purchases is approximately: 0.29, 0.21)
-
21shares' EENA is designed to be 100% physically backed and cannot be used for lending or other purposes, with assets stored at the custodian BitGo.
In other words, what EENA reflects is a purer retail user trading psychology, showing the price that buyers trust for ENA.
(Additionally, there is a management fee cost of 2.5%)
A 2.5% management fee is considered a standard setting in 21shares' single asset exposure type ETP.
For example, the two ETPs tracking $DOGE and $PYTH also have a fee of 2.5%.
Although ETHC and CBTC are 0.1%, it is mainly because they need to compete for market share with other competitors.
-
EENA recorded an AUM of 1,293,770 on its first day, which should be considered a moderate performance for the ETP launched by 21shares.
I will treat EENA as another reference data point, as it more accurately reflects the price preferences of European market users for ENA assets.
Although 21shares mentioned in the document that the potential benefit of ENA lies in opening up a profit-sharing mechanism after cost conversion, the fact is that no one can predict when it will start, so current buying and selling are more based on the price fluctuations of the ENA asset itself.
-
*Opinions are solely my personal views and not financial advice (NFA), please do your own research (DYOR)
*Image source: 21shares
#21Shares #ENA走势分析 #StablecoinX #DAT
Yesterday (12/3), 21shares officially listed the ETP product EENA, based on ENA single asset exposure, on the Swiss stock exchange (SIX Swiss Exchange).
Monitoring the trend of EENA might be better than keeping an eye on the price of StablecoinX (Ethena DAT)?
-
StablecoinX is an ENA reserve company established through a collaboration between Ethena and a venture capital firm. It is traded as a U.S. stock and is not as pure as trading products like ETP.
Although StablecoinX will purchase ENA through the Ethena Foundation, it is more inclined to buy ENA within a specific price range during a specific time period, thus having a clearer cost price.
(According to DefiLlama, the average cost price corresponding to the two completed rounds of purchases is approximately: 0.29, 0.21)
-
21shares' EENA is designed to be 100% physically backed and cannot be used for lending or other purposes, with assets stored at the custodian BitGo.
In other words, what EENA reflects is a purer retail user trading psychology, showing the price that buyers trust for ENA.
(Additionally, there is a management fee cost of 2.5%)
A 2.5% management fee is considered a standard setting in 21shares' single asset exposure type ETP.
For example, the two ETPs tracking $DOGE and $PYTH also have a fee of 2.5%.
Although ETHC and CBTC are 0.1%, it is mainly because they need to compete for market share with other competitors.
-
EENA recorded an AUM of 1,293,770 on its first day, which should be considered a moderate performance for the ETP launched by 21shares.
I will treat EENA as another reference data point, as it more accurately reflects the price preferences of European market users for ENA assets.
Although 21shares mentioned in the document that the potential benefit of ENA lies in opening up a profit-sharing mechanism after cost conversion, the fact is that no one can predict when it will start, so current buying and selling are more based on the price fluctuations of the ENA asset itself.
-
*Opinions are solely my personal views and not financial advice (NFA), please do your own research (DYOR)
*Image source: 21shares
#21Shares #ENA走势分析 #StablecoinX #DAT
$ETH DAT Activity Dried Up
According to the latest #Bitwise report, #ETH DATs saw significantly lower activity in November, with only 370K ETH bought, down 81% from August.
#DAT #analysis #BinanceBlockchainWeek
According to the latest #Bitwise report, #ETH DATs saw significantly lower activity in November, with only 370K ETH bought, down 81% from August.
#DAT #analysis #BinanceBlockchainWeek
1 Minute Letter _ EU banks unite behind a euro stablecoin
Group of #Eu banks pushes for euro-pegged stablecoin by 2027 _ The entity formed by 10 banks is working on obtaining regulatory approval from the Dutch Central Bank to launch a stablecoin “in the second half of 2026.”
Crypto #gaming ’s mainstream moment hinges on CLARITY Act: Web3 Gamer _ Immutable’s founder says crypto talks are already underway with multi-billion-dollar traditional gaming companies, Ronin Network to expand beyond gaming, and other news.
ETH briefly touches $3K but traders remain skeptical: Here’s why _ Ether price surged to $3,000 on Tuesday, but lagged behind the US stock market rally as muted demand for ETH derivatives and growth in competing blockchains kept traders
#Kraken adds Backed Finance to 2025 acquisition streak, brings xStocks in-house _ The acquisition will give Kraken full control of the xStocks tokenized-equity platform, strengthening the exchange’s push into regulated real-world assets.
#DAT s bring crypto’s insider trading problem to TradFi: Shane Molidor _ Information asymmetry and front-running behaviors are migrating from token markets to institutional products like DATs, warns Shane Molidor of Forgd.
Source: Binance News / Bitdegree / Coindesk / Coinmarketcap / #Cointelegraph / Decrypt
"Place a trade with us via this post mentioned coin's & do support to reach maximum audience by follow, like, comment, share, repost, more such informative content ahead"
$EUR $RONIN $ETH
Group of #Eu banks pushes for euro-pegged stablecoin by 2027 _ The entity formed by 10 banks is working on obtaining regulatory approval from the Dutch Central Bank to launch a stablecoin “in the second half of 2026.”
Crypto #gaming ’s mainstream moment hinges on CLARITY Act: Web3 Gamer _ Immutable’s founder says crypto talks are already underway with multi-billion-dollar traditional gaming companies, Ronin Network to expand beyond gaming, and other news.
ETH briefly touches $3K but traders remain skeptical: Here’s why _ Ether price surged to $3,000 on Tuesday, but lagged behind the US stock market rally as muted demand for ETH derivatives and growth in competing blockchains kept traders
#Kraken adds Backed Finance to 2025 acquisition streak, brings xStocks in-house _ The acquisition will give Kraken full control of the xStocks tokenized-equity platform, strengthening the exchange’s push into regulated real-world assets.
#DAT s bring crypto’s insider trading problem to TradFi: Shane Molidor _ Information asymmetry and front-running behaviors are migrating from token markets to institutional products like DATs, warns Shane Molidor of Forgd.
Source: Binance News / Bitdegree / Coindesk / Coinmarketcap / #Cointelegraph / Decrypt
"Place a trade with us via this post mentioned coin's & do support to reach maximum audience by follow, like, comment, share, repost, more such informative content ahead"
$EUR $RONIN $ETH
DATs Under Pressure Amid Crypto Volatility
Explaining how Digital Asset Tokens (DATs) face challenges when market downturns reduce their net asset value and force liquidity actions.
Digital Asset Tokens (DATs), which package underlying crypto assets into SEC-regulated securities, are facing increased pressure amid market volatility. A key performance metric, the market net asset value (mNAV), compares a DAT’s trading price to its crypto holdings. When mNAV falls below 1, the DAT may be trading below its underlying assets, potentially forcing sales to maintain liquidity.
Experts suggest that DATs have attracted participants more drawn by hype and easy access to capital than long-term fundamentals. Macquarie notes that if the equity premium relative to net asset value erodes, DATs could face significant structural challenges. Some firms, like Strategy, are building reserves to support dividends and debt repayments, aiming to weather downturns.
For traders, monitoring mNAV trends and understanding liquidity risks is critical when considering DAT exposure.
#DAT #MarketVolatility #Write2Earn
Overview of DAT challenges during market downturns and the importance of monitoring mNAV.
Disclaimer: Not Financial Advice
$BTC
$ETH
$BNB
Explaining how Digital Asset Tokens (DATs) face challenges when market downturns reduce their net asset value and force liquidity actions.
Digital Asset Tokens (DATs), which package underlying crypto assets into SEC-regulated securities, are facing increased pressure amid market volatility. A key performance metric, the market net asset value (mNAV), compares a DAT’s trading price to its crypto holdings. When mNAV falls below 1, the DAT may be trading below its underlying assets, potentially forcing sales to maintain liquidity.
Experts suggest that DATs have attracted participants more drawn by hype and easy access to capital than long-term fundamentals. Macquarie notes that if the equity premium relative to net asset value erodes, DATs could face significant structural challenges. Some firms, like Strategy, are building reserves to support dividends and debt repayments, aiming to weather downturns.
For traders, monitoring mNAV trends and understanding liquidity risks is critical when considering DAT exposure.
#DAT #MarketVolatility #Write2Earn
Overview of DAT challenges during market downturns and the importance of monitoring mNAV.
Disclaimer: Not Financial Advice
$BTC
$ETH
$BNB
🏢 Companies Pivoting to Crypto: The DAT Movement
Headline: From Red Ink to Digital Gold: Firms Adopt Crypto Treasuries
A new wave of companies is following MicroStrategy’s playbook — adopting Digital Asset Treasuries (DATs) to strengthen their balance sheets. By holding Bitcoin, $ETH Ethereum or $SOL Solana as treasury assets, these firms aim to hedge against inflation and tap into crypto’s long-term growth.
The movement shows how corporate strategy is shifting from defensive cash hoarding to offensive digital positioning. The age of the “crypto-native enterprise” may have just begun.
🏦 What’s your take? Would you trust a company more if it held crypto in its treasury — or does that add unnecessary risk?
@Dexipher
$ETH
#solana
#CryptoTreasury #MicroStrategy #DAT #BinanceWriteToEarn
Headline: From Red Ink to Digital Gold: Firms Adopt Crypto Treasuries
A new wave of companies is following MicroStrategy’s playbook — adopting Digital Asset Treasuries (DATs) to strengthen their balance sheets. By holding Bitcoin, $ETH Ethereum or $SOL Solana as treasury assets, these firms aim to hedge against inflation and tap into crypto’s long-term growth.
The movement shows how corporate strategy is shifting from defensive cash hoarding to offensive digital positioning. The age of the “crypto-native enterprise” may have just begun.
🏦 What’s your take? Would you trust a company more if it held crypto in its treasury — or does that add unnecessary risk?
@Dexipher
$ETH
#solana
#CryptoTreasury #MicroStrategy #DAT #BinanceWriteToEarn
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The cryptocurrency market faces a paradox: "Bull run" but lacking VC capital
Although the prices of Bitcoin and altcoins are rising sharply, the venture capital (VC) crypto market is undergoing a harsh cleansing phase. Capital flows from institutional investors (Limited Partner - LP) are absent, creating a "capital desert" right in the middle of the growth cycle.
The shock of trust and capital contraction
After a series of major collapses in 2022 such as FTX, Terra, and Celsius, the trust of investors has been severely eroded. They have become more cautious, turning to stable traditional investment channels instead of risking capital in opaque crypto funds. According to PitchBook, the total capital raised for crypto funds last year only reached 6.7 billion USD, down more than 70% from the peak in 2021.
The shock of trust and capital contraction
After a series of major collapses in 2022 such as FTX, Terra, and Celsius, the trust of investors has been severely eroded. They have become more cautious, turning to stable traditional investment channels instead of risking capital in opaque crypto funds. According to PitchBook, the total capital raised for crypto funds last year only reached 6.7 billion USD, down more than 70% from the peak in 2021.
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Digital Asset Treasury Companies: A Big Bet on the Future of Crypto
Digital asset treasury companies (DAT) are facing a significant challenge as the market value to net asset value (mNAV) ratio declines, threatening their ability to raise capital. However, this situation is not a negative sign but rather indicates that companies are making a big bet on a volatile yet promising future for the crypto market.
Challenges and Opportunities
The decline of #mNAV has forced DATs like BitMine and SharpLink Gaming to consider issuing additional shares to raise capital, leading to the dilution of existing shareholders' interests. This pressure is further compounded by the emergence of Ethereum spot ETFs, providing investors with a direct access channel without incurring additional fees. However, this also presents an opportunity for DATs to prove their strategy.
A Decisive Quarter
Experts believe that Q4 will be a critical moment. If Ethereum experiences a strong price surge, mNAV will recover, allowing #DAT to raise capital more easily to increase their ETH holdings, thereby creating a positive growth loop. Conversely, if the market stagnates, companies will have to rely on yields from staking. Nonetheless, the existence of DATs demonstrates a steadfast belief in the long-term potential of crypto. These companies are willing to take short-term risks to pursue a vision of a future where digital assets become a cornerstone of the global financial system. #anh_ba_cong
Digital asset treasury companies (DAT) are facing a significant challenge as the market value to net asset value (mNAV) ratio declines, threatening their ability to raise capital. However, this situation is not a negative sign but rather indicates that companies are making a big bet on a volatile yet promising future for the crypto market.
Challenges and Opportunities
The decline of #mNAV has forced DATs like BitMine and SharpLink Gaming to consider issuing additional shares to raise capital, leading to the dilution of existing shareholders' interests. This pressure is further compounded by the emergence of Ethereum spot ETFs, providing investors with a direct access channel without incurring additional fees. However, this also presents an opportunity for DATs to prove their strategy.
A Decisive Quarter
Experts believe that Q4 will be a critical moment. If Ethereum experiences a strong price surge, mNAV will recover, allowing #DAT to raise capital more easily to increase their ETH holdings, thereby creating a positive growth loop. Conversely, if the market stagnates, companies will have to rely on yields from staking. Nonetheless, the existence of DATs demonstrates a steadfast belief in the long-term potential of crypto. These companies are willing to take short-term risks to pursue a vision of a future where digital assets become a cornerstone of the global financial system. #anh_ba_cong
🚨 BIG: #stablecoin , #etf s, and #DAT s surged from $180B to $560B since 2024.
That's over 3x #Growth .
But that #Run is now #slowing down.
That's over 3x #Growth .
But that #Run is now #slowing down.
The Purchasing Power of DAT Companies Has Nearly Reached Zero: A Red Alert for the Market
The capital inflow of DAT strategy firms has crashed from $557M to $259M in just four months — a 95% collapse. This isn’t a simple cooldown; it’s a warning of total exhaustion in institutional buying power.
Even worse, DAT-linked companies’ stocks have plunged 40–90%, while Bitcoin fell only 10%. Such a mismatch suggests they might be forced to dump BTC reserves to survive financial strain.
With Bitcoin hovering near $105,000, things look calm — but one major DAT liquidation could trigger a chain reaction the market isn’t ready for. Short positions now sit at 51%, and smart money knows exactly where the danger lies.
#Bitcoin #CryptoMarket #DAT #BTC #RiskAlert
The capital inflow of DAT strategy firms has crashed from $557M to $259M in just four months — a 95% collapse. This isn’t a simple cooldown; it’s a warning of total exhaustion in institutional buying power.
Even worse, DAT-linked companies’ stocks have plunged 40–90%, while Bitcoin fell only 10%. Such a mismatch suggests they might be forced to dump BTC reserves to survive financial strain.
With Bitcoin hovering near $105,000, things look calm — but one major DAT liquidation could trigger a chain reaction the market isn’t ready for. Short positions now sit at 51%, and smart money knows exactly where the danger lies.
#Bitcoin #CryptoMarket #DAT #BTC #RiskAlert
#crypto Rebounds and Winklevoss Capital fund Zcash #DAT Crypto majors are rebounding after Tuesday’s selloff, with Bitcoin (BTC) up 1% at $105,000, while Ethereum (ETH) remains even at $3,550, Binance Coin (BNB) steady at $978, and Solana (SOL) down 2% at $159. Meanwhile, Ethereum #whale 's have accumulated over $350 million during the latest dip, with indications that institutional players are behind the buying.
"Disclaimer _ Source: Binance News / Coinmarketcap / Bitdegree / Coindesk / Cointelegraph / #Decrypt & do support by follow, like, comment, share, repost to reach maximum audience, more such informative content ahead"
$ZEC $BTC $ETH
"Disclaimer _ Source: Binance News / Coinmarketcap / Bitdegree / Coindesk / Cointelegraph / #Decrypt & do support by follow, like, comment, share, repost to reach maximum audience, more such informative content ahead"
$ZEC $BTC $ETH
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The stock price of BNC is too outrageous. BNB reached an all-time high of 1083u last week, yet the BNC stock price continues to decline and is falling.
I bought BNC at 24.2, and it has already halved and more: last Friday, the BNC stock price fell to 9.69.
This is still the largest financial treasury DAT for BNB on Nasdaq, CZ should not leave a bad reputation on this Nasdaq DAT supported by YZlabs, and it should be able to rebound in the future, so I will continue to hold.
Apart from btc/eth/bnb, I advise everyone to be cautious when purchasing any other cryptocurrencies' DAT.
#davidnamdar
#BNC
#CEAIndustries
#DAT
I bought BNC at 24.2, and it has already halved and more: last Friday, the BNC stock price fell to 9.69.
This is still the largest financial treasury DAT for BNB on Nasdaq, CZ should not leave a bad reputation on this Nasdaq DAT supported by YZlabs, and it should be able to rebound in the future, so I will continue to hold.
Apart from btc/eth/bnb, I advise everyone to be cautious when purchasing any other cryptocurrencies' DAT.
#davidnamdar
#BNC
#CEAIndustries
#DAT
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The Decline of Digital Asset-Backed (DAT) Stocks and Survival Prospects
The market is witnessing a heartbreaking reality: there is no way to sugarcoat the severe decline of Digital Asset-Backed (DAT) stocks. Companies that have built their entire business model around accumulating large digital assets like Bitcoin and Ethereum are now seeing their stock prices plummet uncontrollably, with many leading companies dropping by 50% to 80% from recent highs. This is a perfect storm, where the decline of key digital assets has spread into a crisis of confidence in the stock market.
Tokyo Exchange Operator Mulls Limits on Digital Asset #Treasury Firms: The Tokyo Stock Exchange operator #JPX is reportedly exploring stricter rules, including backdoor listing restrictions and mandatory audits, to curb listed companies pivoting to large-scale bitcoin/crypto treasuries #DAT 's.
"Disclaimer _ Source: Binance News / Bitdegree / #CoinDesk / Coinmarketcap / Cointelegraph / Decrypt & do support by follow, like, comment, share, repost to reach maximum audience, more such informative content ahead"
"Disclaimer _ Source: Binance News / Bitdegree / #CoinDesk / Coinmarketcap / Cointelegraph / Decrypt & do support by follow, like, comment, share, repost to reach maximum audience, more such informative content ahead"
🚀 The Rise of Digital Asset Treasury (DAT) Investments
Over $15B has been raised through DAT strategies this year (Jan–Aug), surpassing traditional VC funding.
Instead of only backing startups, institutions are stacking crypto treasuries & BTC$BTC, making them the new backbone of capital flow.
🔃 This shift could redefine how projects grow, scale, and sustain in the next market cycle.
#MacroInsights #DAT
Over $15B has been raised through DAT strategies this year (Jan–Aug), surpassing traditional VC funding.
Instead of only backing startups, institutions are stacking crypto treasuries & BTC$BTC, making them the new backbone of capital flow.
🔃 This shift could redefine how projects grow, scale, and sustain in the next market cycle.
#MacroInsights #DAT
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Latest News: Helios Medical recently launched a digital asset fund (#DAT ) worth 760,190 #SOL , as part of a $500 million program (expandable to $1.25 billion).
The Guide:
✅ Fundraising in public markets
✅ Aggregated $SOL
✅ Bet for a return on the chain
✅ Give traditional investors a trial version of #SOL wrapped in equity + the ability to hold.
And they are not alone.
Forward Industries, SOL Strategies, DeFi Development Corp., and others are working on building treasury bonds #Solana primarily with increasing access opportunities (instant ETF efforts, prime brokerage, public funds).
First $BTC , then $ETH ... is #SOL the next big step for Wall Street? 👀
The Guide:
✅ Fundraising in public markets
✅ Aggregated $SOL
✅ Bet for a return on the chain
✅ Give traditional investors a trial version of #SOL wrapped in equity + the ability to hold.
And they are not alone.
Forward Industries, SOL Strategies, DeFi Development Corp., and others are working on building treasury bonds #Solana primarily with increasing access opportunities (instant ETF efforts, prime brokerage, public funds).
First $BTC , then $ETH ... is #SOL the next big step for Wall Street? 👀
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