Fading Competitive Edge: According to Ledn CEO Adam Reeds, the ability for Digital Asset Treasuries (DATs) to create unique value propositions and generate massive, market-beating returns (like MicroStrategy's historic 24x gain) is diminishing.
· Market Cap Decline: The total market capitalization for Bitcoin treasuries has fallen significantly, from $165 billion to $134 billion in about a month, indicating a cooling trend for these companies.
· Questioning the Strategy: Reeds questions whether most DAT companies have the unique management or capital connections needed to genuinely outperform simply holding Bitcoin itself.
· End of the Boom: There are signs the crypto treasury boom is cooling, with some firms starting to sell off portions of their Bitcoin holdings or buy back stock instead.
· Specific Examples: Shares of prominent DAT companies like MicroStrategy and Metaplanet have seen notable price declines recently.
· Context: The commentary is set against a backdrop of a rebounding overall crypto market, which was boosted by signals from the Fed about potential interest rate cuts.
