港股上市公司“囤币潮”来袭：DAT模式能否复制上涨神话？

Core Insights - The article discusses the rising trend of Digital Asset Treasury (DAT) in Hong Kong, where companies like Yunfeng Financial and Boya Interactive are investing in cryptocurrencies like Ethereum and Bitcoin, leading to significant stock price increases [1][5] - DAT is described as an innovative financial strategy allowing companies to raise funds through traditional means to purchase and hold cryptocurrencies as reserve assets [1][2] Group 1: DAT Model Overview - The DAT model offers convenience and compliance, allowing investors to gain exposure to digital assets without needing to open cryptocurrency accounts [2] - Companies adopting the DAT model are evaluated based on the market value of their held cryptocurrencies relative to their total shares, known as the net asset value multiple (mNAV) [3] - The DAT model is seen as a proactive approach compared to traditional ETFs, which are more passive in nature [3][4] Group 2: Market Dynamics and Comparisons - As of August 21, 2025, companies have raised over $15 billion through DAT strategies, while global crypto ETF assets under management stand at $168.3 billion, indicating that DAT is still in its early stages [4] - Boya Interactive was one of the first companies in Hong Kong to adopt the DAT model, significantly increasing its stock price from HKD 0.56 to HKD 7.85 since announcing its cryptocurrency purchases [5] - The interest in the DAT model is growing among traditional financial institutions, which are looking for compliant and efficient ways to invest in digital assets [6] Group 3: Challenges and Regulatory Landscape - Despite the rapid development of DAT in Hong Kong, it still lags behind the U.S. market due to less efficient At-The-Market (ATM) mechanisms [7] - The sustainability of the DAT model is questioned, with concerns about its long-term viability in the face of market volatility and regulatory changes [10][11] - Regulatory trends are shifting, with Nasdaq planning to implement new rules for companies looking to raise funds for cryptocurrency purchases, emphasizing transparency and risk management [11][12]