加密货币，数字资产和财政部股票：骑波浪还是面对擦拭？

探索数字资产财政公司（DATS）的上升和潜在下跌，与加密货币的联系以及它们是金票还是冒险的赌博。

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.

加密货币，数字资产和传统金融的交汇处日期变得越来越荒野。数字资产财政公司（DATS）正在震动，但是它们是未来还是锅中的闪光？让我们潜入纽约的风格。

What are Digital Asset Treasury Companies (DATs)?

什么是数字资产财政公司（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.

想象一下，主要演出的公司是ho积加密，而不是制作实际的东西。那是一个dat。这些公开交易的公司筹集了现金（例如股票或债券产品），并立即购买比特币，以太或其他闪亮的数字小饰品。他们的产品？大部分只是加密货币坐在他们的资产负债表上。

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（现在的策略）于2020年实现了这一点，宣布比特币是价值存储的。他们储备了BTC的船上，看着自己的股票Go Bonkers。自2020年以来，MSTR股票的上涨大约3,700％。其他首席执行官引起了注意，公司加密货币趋势诞生了。

DATs: How They Work

DATS：它们的工作方式

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基本上是混合投资工具。它们是公司融资，一部分加密投资和部分产生策略。他们拥有公司结构，但他们的“业务”持有加密货币。将它们视为风险投资符合永久基金的符合加密货币收益策略。

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延误和一般的Yolo态度加剧了炒作。但是到2025年秋天，事情变得有些不稳定。股票比奖金更难。 DAT股价变得超级波动。正如Kaiko分析师亚当·麦卡锡（Adam McCarthy）所说的那样，这些股票是“波动性的作用……[它们]是杠杆式暴露。”哎哟。

DATs vs. Crypto ETFs

DATS与加密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.

那么，为什么不购买比特币ETF呢？ DATS提供了替代方案，但它们带有附加的字符串。加密ETF只是持代币并跟踪其价格。 DAT股票还跟踪加密价格，但具有公司融资层。 DAT股份可以以保费或折扣为NAV进行交易，而ETF通常会保存。

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引入杠杆和复杂性。股价可能会疯狂地摆动。另外，DATS携带公司风险：管理不善，破产，您可以命名。另一方面，DAT可以直接参与区块链网络，藏有硬币以赢得利息。如果有效，股东同时获得了价格上涨和收益率。但是要为波动做好准备。

The Outlook: Boom or Bust?

展望：繁荣还是胸围？

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，任何人都猜测DATS会得到多大。一些人认为运行良好的DATS可能会使用其资本来资金发展发展。其他人警告说，大多数人会消失。该街区的史密斯（Smith）预计，合并和收购的浪潮最强，团队合并了资产。

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联合创始人Ryan Watkins认为，这些公司可以发展成为区块链的经济引擎，帮助金融，管理和建立网络内。该量表大约有1005亿美元的资产。

Why the Recent Plunge?

为什么最近一次暴跌？

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.

比特币财政部股票今年进行了殴打，诸如战略和Metaplanet之类的公司看到大量跌落。例如，MST的股票价格降低了。一个原因？比特币的挣扎。这些公司经常会反映比特币的性能，从而扩大高点和低点。

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.

同样，投资者对曾经提供的保费印象并不那么深刻。倍数下降了，一些公司甚至低于其净资产价值（NAV）。投资者变得越来越敏锐，质疑仅关注比特币的商业模式。

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，比特币ETF的兴起正在捕捉聚光灯。投资者涌向ETF，这提供了一种更简单，更直接的方法来获得对比特币的影响。

The Bottom Line

底线

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.

数字资产财政公司已经溅出了股票，桥接股票和加密货币。他们提供了一种玩新颖的方式来玩加密游戏，但他们并不是为了胆小的人。加密货币崩溃或资金紧缩可能会造成灾难。无论它们是稳定的机构还是仅仅是另一个投机泡沫，还有待观察。

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.

那么，DAT是金票还是高风险赌博？只有时间会证明。但是可以肯定的是：这将是一个地狱。只要记住要扣紧，也许喝一杯僵硬的饮料。您知道，为了波动。