Digital Asset Treasuries (DATs), including major players like MicroStrategy and GameStop, have struggled to outperform Bitcoin and its tracking ETFs in 2025. Despite employing various financing and balance-sheet strategies, these corporate vehicles have not delivered the expected superior returns. Only a few, such as Twenty One Capital and Metaplanet, have managed to surpass the benchmark.
Analysts caution that the reliance of DATs on favorable debt and equity markets poses risks, especially in a rising interest rate environment. While some companies, like Tron Inc, are exploring on-chain yield through staking, such models are still uncommon. The widening performance gap has prompted some industry leaders to advise investors to consider ETFs instead.
Digital Asset Treasuries Lag Behind Bitcoin and ETFs in 2025
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