The performance of digital asset treasury bonds (DAT), including companies like MicroStrategy and Trump Media, has been inferior to Bitcoin and its ETFs, despite their promises of higher returns through leverage and balance sheet optimization. Bitcoin has risen 23% this year, while most DAT have underperformed, with only a few highly volatile exceptions exceeding the benchmark. Critics warn that DAT relies on favorable debt markets and inflated metrics, with a structure reminiscent of historical investment booms. Although corporate adoption of Bitcoin is increasing, many DAT have failed to generate operational profits, enhancing the appeal of simpler ETF investments.