The Flywheel in One Sentence Listed companies issue cheap debt or equity, buy crypto, mark gains, re-issue paper, buy more crypto. The loop has sucked in > US $24 bn of fresh funding in 2025 alone and pushed the listed “Digital-Asset Treasury” (DAT) cohort past a quarter-trillion-dollar market-cap. Bulls call it a perpetual-motion moat; bears say the gears are already grinding in reverse.DAT Stock vs. Spot vs. ETF – The Leverage LadderDAT shares (e.g., MicroStrategy) = 2–3× leveraged bitcoin ...

The Flywheel in One Sentence Listed companies issue cheap debt or equity, buy crypto, mark gains, re-issue paper, buy more crypto. The loop has sucked in > US $24 bn of fresh funding in 2025 alone and pushed the listed “Digital-Asset Treasury” (DAT) cohort past a quarter-trillion-dollar market-cap. Bulls call it a perpetual-motion moat; bears say the gears are already grinding in reverse.DAT Stock vs. Spot vs. ETF – The Leverage LadderDAT shares (e.g., MicroStrategy) = 2–3× leveraged bitcoin ...