数字资产财库“狂欢”退潮：股价腰斩、监管收紧，DAT公司陷“死亡螺旋”

Core Insights - The recent decline in stock prices of Digital Asset Treasury Companies (DAT) is a result of multiple risks being released after market enthusiasm waned, highlighting flaws in the business model and changes in the external environment [3][10] - The DAT model, which involves financing, purchasing digital assets, and market value growth, is facing significant pressure due to regulatory tightening, valuation compression, and liquidity challenges [8][10] Summary by Sections Market Performance - Many DAT companies experienced a dramatic drop in stock prices after initially soaring following their announcements to adopt digital asset treasury strategies. For instance, SharpLink Gaming's stock surged from $3 to $124, only to fall back to around $16, representing an over 80% decline from its peak [4][5] - Helius Medical Technologies saw its stock price drop over 90% this year, while KindlyMD's stock fell more than 90% after merging with Nakamoto Holdings [5][6] Regulatory Scrutiny - The SEC and FINRA have initiated investigations into the unusual trading patterns and potential insider trading associated with DAT companies, as several firms experienced abnormal stock price movements prior to announcing their digital asset treasury plans [6][10] - Nasdaq has proposed enhanced scrutiny for DAT companies, requiring shareholder approval for new stock issuance aimed at digital asset purchases and detailed reporting on asset holdings and investment strategies [6][10] Business Model Challenges - The core business model of DAT companies relies heavily on the price expectations of digital assets, with many firms using PIPE (Private Investment in Public Equity) to rapidly raise funds, which increases leverage and risk [9][10] - The market value of digital assets held by DAT companies has exceeded $120 billion, with Bitcoin holdings nearing 1 million coins. However, the sustainability of this model is in question as the early premium enjoyed by first movers has dissipated [8][10] Market Dynamics - The DAT model's reliance on digital asset price stability is problematic, as any price fluctuations can trigger significant sell-offs by PIPE investors, leading to a downward spiral in stock prices [10] - Standard Chartered has warned of a significant collapse in the market net asset value (mNAV) of DAT companies, indicating a potential industry transformation as larger firms may seek to acquire undervalued peers [10][11]