Why Only Bitcoin Belongs On Corporate Balance Sheets

1. The Rise of the DAT: A Symptom of Shallow Understanding

As Bitcoin adoption by public companies accelerates, imitators are inevitable. The latest trend? DATs — “Digital Asset Treasuries” — which seek to replicate the success of Bitcoin treasury companies by allocating reserves to altcoins like Ethereum or Dogecoin.

From the outside, the surface-level pitch might seem similar: acquire a digital asset, move early, build a treasury strategy, issue equity or de and attempt to capture long-term upside and reflexive flows. But beneath the surface, the…

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