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As Bitcoin’s shine dulls and market saturation squeezes returns, a new breed of publicly traded crypto treasury companies is making a risky pivot that has analysts sounding alarm bells about heightened volatility ahead.

The trend marks a dramatic shift for digital asset treasury companies, which exploded in popularity following the meteoric success of Strategy (NASDAQ:MSTR) and its founder, Michael Saylor. While early DATs focused on stockpiling Bitcoin and other major cryptocurrencies, newer entrants are increasingly turning to esoteric, volatile tokens in a bid to amplify returns as Bitcoin sags.

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