加密貨幣，數字資產和財政部股票：騎波浪還是面對擦拭？

探索數字資產財政公司（DATS）的上升和潛在下跌，與加密貨幣的聯繫以及它們是金票還是冒險的賭博。

The intersection of crypto, digital assets, and traditional finance is getting wilder by the day. Digital Asset Treasury companies (DATs) are shaking things up, but are they the future or just a flash in the pan? Let's dive in, New Yorker style.

加密貨幣，數字資產和傳統金融的交匯處日期變得越來越荒野。數字資產財政公司（DATS）正在震動，但是它們是未來還是鍋中的閃光？讓我們潛入紐約的風格。

What are Digital Asset Treasury Companies (DATs)?

什麼是數字資產財政公司（DATS）？

Imagine companies whose main gig is hoarding crypto instead of, say, making actual stuff. That's a DAT. These publicly traded firms raise cash (think stock or bond offerings) and immediately buy Bitcoin, Ether, or other shiny digital trinkets. Their product? Mostly just the crypto sitting on their balance sheet.

想像一下，主要演出的公司是ho積加密，而不是製作實際的東西。那是一個dat。這些公開交易的公司籌集了現金（例如股票或債券產品），並立即購買比特幣，以太或其他閃亮的數字小飾品。他們的產品？大部分只是加密貨幣坐在他們的資產負債表上。

MicroStrategy (now Strategy) pulled this off in 2020, declaring Bitcoin a store of value. They stocked up on a boatload of BTC and watched their stock go bonkers. MSTR stock is up like ~3,700% since 2020. Other CEOs took notice, and the corporate crypto treasury trend was born.

MicroStrategy（現在的策略）於2020年實現了這一點，宣布比特幣是價值存儲的。他們儲備了BTC的船上，看著自己的股票Go Bonkers。自2020年以來，MSTR股票的上漲大約3,700％。其他首席執行官引起了注意，公司加密貨幣趨勢誕生了。

DATs: How They Work

DATS：它們的工作方式

DATs are basically hybrid investment vehicles. They're part corporate finance, part crypto investment, and part yield-generation strategy. They’ve got corporate structures but their “business” is holding crypto. Think of them as venture capital meets perpetual funds meets crypto yield strategies.

DAT基本上是混合投資工具。它們是公司融資，一部分加密投資和部分產生策略。他們擁有公司結構，但他們的“業務”持有加密貨幣。將它們視為風險投資符合永久基金的符合加密貨幣收益策略。

By 2024–2025, DAT mania was in full swing. Low interest rates, crypto ETF delays, and a general YOLO attitude fueled the hype. But by fall 2025, things got a bit shaky. Stocks swung harder than a prizefighter. DAT share prices became super volatile. As Kaiko analyst Adam McCarthy put it, these stocks are “volatility plays… [they] are leveraged exposures.” Ouch.

到2024 - 2025年，Dat Mania如火如荼。低利率，加密ETF延誤和一般的Yolo態度加劇了炒作。但是到2025年秋天，事情變得有些不穩定。股票比獎金更難。 DAT股價變得超級波動。正如Kaiko分析師亞當·麥卡錫（Adam McCarthy）所說的那樣，這些股票是“波動性的作用……[它們]是槓桿式暴露。”哎喲。

DATs vs. Crypto ETFs

DATS與加密ETF

So, why not just buy a Bitcoin ETF? DATs offer an alternative, but they come with strings attached. A crypto ETF simply holds tokens and tracks their price. A DAT stock also tracks crypto prices, but with corporate finance layers. DAT shares can trade at premiums or discounts to NAV, while ETFs are usually kept in check.

那麼，為什麼不購買比特幣ETF呢？ DATS提供了替代方案，但它們帶有附加的字符串。加密ETF只是持代幣並跟踪其價格。 DAT股票還跟踪加密價格，但具有公司融資層。 DAT股份可以以保費或折扣為NAV進行交易，而ETF通常會保存。

DATs introduce leverage and complexity. Share prices can swing wildly. Plus, DATs carry company risks: mismanagement, bankruptcy, you name it. On the flip side, DATs can participate directly in blockchain networks, staking coins to earn interest. If it works, shareholders get both price gains and yield. But brace yourself for volatility.

DATS引入槓桿和復雜性。股價可能會瘋狂地擺動。另外，DATS攜帶公司風險：管理不善，破產，您可以命名。另一方面，DAT可以直接參與區塊鍊網絡，藏有硬幣以贏得利息。如果有效，股東同時獲得了價格上漲和收益率。但是要為波動做好準備。

The Outlook: Boom or Bust?

展望：繁榮還是胸圍？

As of late 2025, it's anyone's guess how big DATs will get. Some think well-run DATs could become blockchain powerhouses, using their capital to fund development. Others warn that most will fade away. The Block’s Smith expects a wave of mergers and acquisitions, with the strongest teams consolidating assets.

截至2025年底，任何人都猜測DATS會得到多大。一些人認為運行良好的DATS可能會使用其資本來資金發展發展。其他人警告說，大多數人會消失。該街區的史密斯（Smith）預計，合併和收購的浪潮最強，團隊合併了資產。

As Syncracy Capital co-founder Ryan Watkins argues, these firms could evolve into economic engines for blockchains, helping finance, govern, and build within the networks. With roughly $105 billion in assets, the scale is significant.

正如Syncracy Capital聯合創始人Ryan Watkins認為，這些公司可以發展成為區塊鏈的經濟引擎，幫助金融，管理和建立網絡內。該量表大約有1005億美元的資產。

Why the Recent Plunge?

為什麼最近一次暴跌？

Bitcoin treasury stocks have taken a beating this year, with companies like Strategy and Metaplanet seeing massive drops. The MSTR stock price, for instance, has taken a nosedive. One reason? Bitcoin's struggles. These companies often mirror Bitcoin's performance, amplifying the highs and lows.

比特幣財政部股票今年進行了毆打，諸如戰略和Metaplanet之類的公司看到大量跌落。例如，MST的股票價格降低了。一個原因？比特幣的掙扎。這些公司經常會反映比特幣的性能，從而擴大高點和低點。

Also, investors aren't as impressed with the premium they once offered. Multiples have dropped, and some companies are even trading below their net asset value (NAV). Investors are getting more discerning, questioning business models focused solely on buying Bitcoin.

同樣，投資者對曾經提供的保費印象並不那麼深刻。倍數下降了，一些公司甚至低於其淨資產價值（NAV）。投資者變得越來越敏銳，質疑僅關注比特幣的商業模式。

Plus, the rise of Bitcoin ETFs is stealing the spotlight. Investors are flocking to ETFs, which offer a simpler, more direct way to gain exposure to Bitcoin.

另外，比特幣ETF的興起正在捕捉聚光燈。投資者湧向ETF，這提供了一種更簡單，更直接的方法來獲得對比特幣的影響。

The Bottom Line

底線

Digital asset treasury companies have made a splash, bridging equities and crypto. They offer a novel way to play the crypto game, but they're not for the faint of heart. A crypto crash or funding crunch could spell disaster. Whether they become stable institutions or just another speculative bubble remains to be seen.

數字資產財政公司已經濺出了股票，橋接股票和加密貨幣。他們提供了一種玩新穎的方式來玩加密遊戲，但他們並不是為了膽小的人。加密貨幣崩潰或資金緊縮可能會造成災難。無論它們是穩定的機構還是僅僅是另一個投機泡沫，還有待觀察。

So, are DATs a golden ticket or a high-stakes gamble? Only time will tell. But one thing's for sure: it's gonna be one hell of a ride. Just remember to buckle up and maybe grab a stiff drink. You know, for the volatility.

那麼，DAT是金票還是高風險賭博？只有時間會證明。但是可以肯定的是：這將是一個地獄。只要記住要扣緊，也許喝一杯僵硬的飲料。您知道，為了波動。