At the Bitcoin Asia 2025 conference, Binance founder Changpeng Zhao (CZ) highlighted the risks associated with digital asset treasury (DAT) companies. CZ noted that while some public companies enhance their stock prices by holding crypto assets, they often lack the necessary management skills for these complex portfolios. He emphasized that the responsibilities for maintaining such portfolios are often unclear, and some companies even use raised funds to invest in other crypto firms, necessitating a careful evaluation of their professional capabilities. CZ pointed out that not all DAT companies can achieve doubled valuations in the current bull market due to the inherent cyclicality of the crypto markets. He stressed that most DAT companies need to endure at least one crypto winter to effectively average costs, similar to MicroStrategy's strategy of reducing its average position cost through continuous operations after initial losses. Investors are advised to remain cautious of the sharp price fluctuations caused by market cycles.