S&P Global has assigned a 'B-' credit rating to Strategy (MSTR), marking the first time a Digital Asset Treasury (DAT) company has been evaluated by a major credit agency. This rating has intensified discussions about the sustainability of DATs, which are gaining mainstream attention but also face significant risks. Strategy, holding 640,250 BTC, is under scrutiny due to its high debt-to-equity ratio and governance challenges. The report highlights that while DATs like Strategy, BitMine, and Sharplink provide a novel avenue for crypto exposure through equities, they are burdened by issues such as equity dilution, liquidity risks, and market volatility. The potential rewards of investing in DATs are tempered by concerns over leverage, transparency, and operational losses, questioning their long-term viability.