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.