Digital Asset Treasury (DAT) companies have recently experienced a phenomenon where "official announcements trigger a 50% plunge." This is not a market failure but rather a rational repricing driven by inherent business model risks. These companies hold cryptocurrencies like BTC and ETH as core assets, providing traditional investors with compliant exposure, but their stock prices are influenced by multiple complex factors.Core Mechanism DAT companies rely on equity financing (e.g., ATM offer...

Digital Asset Treasury (DAT) companies have recently experienced a phenomenon where "official announcements trigger a 50% plunge." This is not a market failure but rather a rational repricing driven by inherent business model risks. These companies hold cryptocurrencies like BTC and ETH as core assets, providing traditional investors with compliant exposure, but their stock prices are influenced by multiple complex factors.Core Mechanism DAT companies rely on equity financing (e.g., ATM offer...