Digital Asset Treasuries That Just Hodl Get It Wrong

The article argues that a 'hodl' (buy and hold) strategy for digital asset treasuries (DATs) is a flawed approach. While MicroStrategy’s initial success with Bitcoin accumulation spurred many companies to adopt similar strategies, these new DATs often fail to implement a comprehensive capital market strategy, leaving their assets vulnerable to market fluctuations and regulatory risks. The author contends that DATs should not rely solely on price appreciation but instead actively invest in the crypto ecosystem – including mining, custody, payments, and liquidity infrastructure – to generate returns and support the long-term health of the network. This 'DAT 2.0' approach would position DATs as a source of 'slow capital,' similar to traditional banks, providing the patient, permanent capital that crypto needs to mature beyond an alternative asset class. Unlike venture capital or hedge funds, DATs are uniquely suited to provide this type of long-term, ecosystem-focused financing.

(Source：Cointelegraph)