最新报道:Digital asset treasury (DAT) firms have raised over $20 billion in VC funding in 2025, with Bitcoin-focused vehicles dominating but altcoins like Solana and Ethereum gaining share. However, investors warn the DAT fundraising wave has peaked, with NAV compression and discounts becoming widespread. Many now trade at or below net asset value, prompting predictions of consolidation by 2026. Liquidity constraints and low trading volumes are emerging as key challenges, though strategies like staking and discounted locked token acquisitions offer workarounds. Looking ahead, venture interest is shifting toward DeFi, real-world asset products, and stablecoins as the DAT market matures.