According to Odaily Planet Daily, DATs provide investors with exposure to the underlying digital assets by packaging crypto assets within securities regulated by the U.S. Securities and Exchange Commission (SEC), and aim to outperform the underlying assets through strategies that maximize returns. A key metric for measuring the performance of DATs is market capitalization net asset value (mNAV), which compares the company's enterprise value with the value of its digital asset holdings.

Investment bank Macquarie points out that the viability of DATs is closely tied to their equity premium relative to net asset value. If this premium erodes or turns into a discount, the model will face significant challenges. When the crypto market corrects, mNAV could fall below 1, meaning companies are trading below the value of their crypto asset holdings, potentially forcing DATs to sell some tokens to obtain liquidity.

Carol Alexander, a finance professor at the University of Sussex, stated that the DAT model appears to have attracted many participants driven by marketing, hype, and easily accessible capital, rather than based on enduring business fundamentals, and that the sector is currently in a bubble. James Butterfill, head of research at CoinShares, also stated that "the bubble has clearly burst," but expects DAT to evolve in the future. Strategy has announced a $1.44 billion reserve to support dividend payments and debt repayments, attempting to protect itself from the market downturn. (CNBC)

According to Odaily Planet Daily, Shane Molidor, founder of blockchain consulting firm Forgd, stated that information asymmetry and front-running behavior are spreading from traditional token markets to institutional-grade products such as digital asset trusts (DAT).

Molidor points out that DATs initially primarily allocated to highly liquid, large-cap assets such as Bitcoin, which offered high price discovery efficiency and limited room for manipulation. However, as competition intensified, many DATs began shifting towards less liquid, smaller-cap tokens in search of higher returns, making them more susceptible to price manipulation and abnormal volatility.

He further stated that DAT's fundraising process also carries structural risks: when communicating with potential investors, insiders may have prior knowledge of future coin purchase directions, allowing them to preemptively position themselves in the secondary market and profit from subsequent capital inflows. This type of "quasi-insider" preemptive trading could become a new hidden danger for institutional products. (Cointelegraph)

According to Odaily Planet Daily, Andrei Grachev wrote on the X platform that DAT today is like an ICO at the end of 2017.

This may suggest that DAT has reached its peak and is about to end.

According to Odaily Planet Daily, Bitwise CEO Hunter Horsley stated in an article on the X platform that most Decentralized Autonomous Trusts (DATs) will eventually become operating companies. As part of this, they may acquire and integrate many small cryptocurrency companies that are currently privately held. The development of DATs is still in its early stages.