最新报道:Digital asset treasuries (DATs) are struggling to compete with regulated spot ETFs for BTC, ETH, and SOL, with many resembling weak companies using Bitcoin purchases to boost share prices. To survive, they must build real operational advantages like becoming validators, diversifying beyond BTC, and generating yield through DeFi and RWA markets. While Strategy has succeeded by financing BTC buys with equity, most DATs rely on debt and face higher risks. Long-term winners will be those developing genuine expertise and sustainable participation in crypto networks.