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• Strategy pioneered the concept of a crypto asset reserve treasury, with more listed companies following in its footsteps to transform and usher in a new chapter for DAT. In 2025, the scale of DAT experienced explosive growth, triggering a new wave of staking on Ethereum DAT.
• The core logic of the DAT model is a capital cycle of “fundraising – buying tokens – refinancing,” which binds traditional capital market financing methods with the price increase of crypto assets, forming a self-reinforcing flywheel. The market capitalization change of DAT is mainly determined by the growth in the number of tokens per share, the price of the…
