Written by: Haotian

While everyone is celebrating Wall Street's "financial alchemy" DAT model, has anyone considered whether DATs are actually "reversing the historical trend"? Here are some viewpoints to share:

First, let's clarify what DAT, PS, PE, PN, etc. are…

DAT: (Digital Asset Treasury) is simply the issuance of stocks to raise funds from investors, and then using the raised money to purchase crypto assets (such as BTC, ETH), forming a reserve fund. Ideally, this creates a positive feedback loop of issuing stocks -> buying coins -> issuing more stocks, buying more coins.

Other concepts will not be elaborated on, from traditional finance's PE (Price to Earnings ratio, how much to pay for every 1 yuan of profit, the value investing approach), PS (Price to Sales ratio, how much to pay for every 1 yuan of revenue, the so-called "market dream ratio"), to my made-up PN (Price to Narrative ratio, how much to pay for a story, purely speculative)…

Detailed viewpoints are as follows, similarities or absurdities are for reference only:

1) DATs are not "financial innovation"; they are more like a "regulatory arbitrage" channel set up by Wall Street to evade cryptocurrency regulations.

However, since the implementation of Project Crypto and stablecoin bills like GENIUS and CLARITY led by Paul Atkins, this wave of DATs seems to be a trend initiated by a group of Wall Street shell companies imitating the success story of MicroStrategy. I believe this is actually the last celebration before the unofficial compliance channels narrow, so the FOMO trend of DATs will inevitably be demystified under the dual control of its own bubble bursting and government regulatory pressure.

2) The "financial alchemy" of DATs seems magical, but in reality, it is a typical "reflexivity" trap.

Many people are clear about the logic: MicroStrategy's "issue stocks → buy coins → coin price rises → stock price rises → issue more stocks" feedback loop looks beautiful, and indeed it is beautiful. However, under the amplification effect of many followers, the drawbacks of this "reflexive system" will also be accelerated: while the positive cycle can indeed amplify returns, once it reverses, it leads to a spiral collapse.

Especially when the mNAV (market net asset value) premium disappears or even turns into a discount, the entire model becomes instantly ineffective—stocks cannot be issued, coins cannot be bought, and there may even be forced selling of coins.

3) DATs reflect Wall Street's ability to complicate simple problems, ultimately implementing "dimensionality reduction" as financial harvesters.

Setting aside regulatory arbitrage, without mentioning MSTR's historical factors, in the context of BTC, ETH ETFs, and various crypto-friendly governments and policies, if you want to buy Bitcoin, just buy it directly. Instead, it is packaged as an institutional-level digital asset allocation strategy, creating a new concept of DATs.

It essentially takes advantage of the market's cognitive differences, educational time costs, and the complexity of compliance paths to sell structured products to the market. Although this time DATs are not as aggressive as historical products like CDOs (Collateralized Debt Obligations) or CDS (Credit Default Swaps), they ultimately lead to the same outcome.

4) DATs are essentially a historical regression of the valuation system, forcibly pulling cryptocurrencies back from the mature PS/PE track to the primitive era of PN.

The crypto market has gone through several cycles of development, from pure concept speculation in 2017, to the DeFi era focusing on TVL and protocol revenue (PS thinking), until some projects began to distribute dividends and buybacks (PE thinking), and the frequently mentioned PMF. The entire process has been on a path of maturation.

However, with the arrival of the DATs craze, it suddenly brings everyone back to Price to Narrative, paying for stories and concepts. Isn't this reversing the historical trend? In the short term, the local natives may not care, as they can indeed FOMO into real hot money, but in the long term, it increases a lot of uncertainty.

That said, this unconventional approach of DATs might actually succeed, but one cannot expect off-market buyers to drive a super bull market. In my view, the real Pandora's box lies in the new gameplay of "on-chain leverage" that DATs might ignite.

In simple terms, it connects Wall Street's leverage game with DeFi's composability, with off-market responsible for incremental funds and endorsements, while on-market focuses on speculation and leverage amplification. Especially for the crypto natives who are eagerly hoping for Wall Street to work miracles, do not overlook the innovative magic within pure crypto.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。