My forecast: The next $BTC (-0,26 %) / $ETH (+1,65 %) / crypto crash will come and it will be bloody. The trigger event will probably be the demise of the DATs (Strategy, Mara, Metaplanet etc.). The business model is not viable in the long term and the collapse is inevitable. What do you think?
Read the following article:
https://josephayoub.substack.com/p/dats-not-going-to-last?r=4pk6s1&triedRedirect=true
TL;DR:
Joseph Ayoub argues that Digital Asset Treasuries (DATs) like MicroStrategy only work as long as their shares trade above intrinsic value (NAV). This premium enables the self-reinforcing "flywheel" effect (share issuance → BTC purchases → price increase → new premium).
As soon as confidence wanes and the shares are traded at a discount, the model breaks: no new inflows, no growth momentum → DATs become "zombie companies". For MicroStrategy, this means in the long term: permanent discount, regulatory pressure, possible lawsuits - and Michael Saylor's role changes from visionary to shady person.
In short: the "financial alchemy" model of DATs will not last - in the end, what remains is a closed-end fund with a discount.
