[Experts Warn of Bubble Risk in Digital Asset Financial Company Model] Digital Asset Financial Companies (DAT) provide investors with exposure to underlying digital assets by packaging crypto assets into securities regulated by the U.S. Securities and Exchange Commission (SEC), aiming to maximize returns. Their key performance indicator is market net asset value (mNAV), which measures the relationship between enterprise value and the value of digital assets held. Macquarie pointed out that the viability of DAT is closely tied to equity premiums, and if premiums turn into discounts, the model will face challenges. Sussex University professor Carol Alexander stated that the DAT model has attracted participants driven by marketing and hype and is currently in a bubble phase. CoinShares Head of Research James Butterfill claimed the bubble has already burst but expects the DAT model to evolve in the future. Strategy has set aside $1.44 billion in reserves to cope with market downturns.