最新报道：According to CoinShares, DATs provide investors with exposure to the underlying digital assets by packaging crypto assets into securities regulated by the U.S. Securities and Exchange Commission (SEC), aiming to outperform the underlying assets through strategies that maximize returns. A key metric for measuring DAT performance is market net asset value (mNAV), which compares a company's enterprise value to the value of its digital asset holdings. Investment bank Macquarie points out that the viability of DATs is closely related to their equity premium relative to net asset value. If this premium erodes or turns into a discount, the model will face significant challenges. When the crypto market corrects, mNAV could fall below 1, meaning the company is trading below the value of its crypto asset holdings, potentially forcing DATs to sell some tokens to obtain liquidity. Carol Alexander, a finance professor at the University of Sussex, stated that the DAT model appears to have attracted many participants driven by marketing, hype, and easily accessible capital rather than based on enduring business fundamentals, and the sector is currently in a bubble. James Butterfill, head of research at CoinShares, also stated that "the bubble has clearly burst," but expects DATs to evolve in the future. Strategy has announced the establishment of a $1.44 billion reserve to support dividend payments and debt repayments in an attempt to protect itself from the impact of the market downturn.