Hedge fund analyst sends harsh warning on Wall Street's new craze

Ryan Watkins, co-founder of thesis-driven hedge fund Syncracy Capital, is making the case that Digital Asset Treasuries (DATs) — which collectively control more than $128 billion in assets and represent a sizable portion of supply on major blockchains — present both risk and opportunity. What are DATs? DATs, short for Digital Asset Treasuries, refer to companies allocating part of their balance sheet to cryptocurrencies such as Bitcoin, Ethereum, Solana, or even Dogecoin—just as they might hold cash, bon ...