Wu Blockchain (@WuBlockchain): CZ on DAT Risks: Must Withstand the Winter in Market Cycles
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CZ on DAT Risks: Must Withstand the Winter in Market Cycles At the Bitcoin Asia 2025, Binance founder Changpeng Zhao (CZ) stated when discussing digital asset treasury companies (DATs) that the DAT model harbors multiple risks. Some public companies boost their stock prices by allocating crypto asset treasuries, yet they generally lack adequate crypto asset management capabilities, and the definition of responsibilities for maintaining complex crypto portfolios is unclear. Some enterprises even direct raised funds to crypto companies; such business models differ significantly and require targeted evaluation of their professional capabilities. In the current bull market, not all DAT companies can achieve doubled valuations. Markets show distinct cyclicality, and most DAT companies need to go through at least one crypto winter to accomplish cost averaging—just as MicroStrategy, after sustaining losses in its first cycle, reduced its average position cost through continuous operations. Investors must remain vigilant about the risk of sharp price fluctuations driven by cyclical volatility. Source: https://t.co/zSWpOaGjHS