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Kaiko Research analyst Thomas Profst argues that digital asset treasury companies (DATs) are not translating the performance of their crypto holdings into shareholder returns, with Strategy (MSTR) selling roughly 7,000 BTC over the summer and denting the market's belief in a permanent corporate bid. That matters through the flow channel: DATs funded a meaningful share of 2024-2025 accumulation via equity issuance, so shrinking share-price premiums to net asset value cut off that funding loop and remove a price-insensitive buyer for BTC, ETH, SOL and HYPE. Watch whether MSTR and peers disclose further treasury sales and whether DAT equities keep lagging their underlying tokens, since sustained discounts would shift these names from a liquidity tailwind to a potential source of supply.
As a Research signal, watch whether it changes price action, volatility, or flows around MSTR, BTC, ETH.
Original Source: 토큰포스트
This page is market information analysis, not investment advice.
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