Amid Bitcoin's continued decline, DAT is being considered

• This comment comes at a time when the crypto market continues to decline.

A lecturer at Columbia Business School has warned that Digital Asset Treasuries (DATs) are the real reason behind the ongoing downturn in the crypto market, and he has accused several projects of recklessly enriching themselves and driving down prices.

This comment comes at a time when Bitcoin and other major cryptocurrencies continue to decline, with BTC falling below $99,000 and Ethereum (ETH) hitting a four-year low.

Are DATs to blame?

Omid Malekan, a lecturer at Columbia Business School and author on digital finance, stated in a post on X that "any analysis of the persistent decline in crypto prices must include DAT."

He further stated that these treasuries "overall proved to be a massive withdrawal and withdrawal event – ​​a factor in the price decline."

Malekkan further stated that despite some exceptions, "dozens of these were launched in a manner that was likely to destroy the value of crypto assets."

He described many of the schemes as "get-rich-quick" ploys characterized by vague presentations and "an excessive use of empty words."

DAT Destruction

According to Malekan, the biggest blow came when DAT provided "a massive withdrawal event for supposedly locked tokens," revealing that many altcoins had "far more circulating supply than we had anticipated."

He said, "The market is a discount system, and the easiest way to discount is to assume 'oversupply.'"

He compared this situation to the end of the 2017 crypto boom, when a few insiders became rich at the expense of retail investors.

Malekkan wrote, "The DAT cycle turned out to be similar: a small group of crypto insiders versus all crypto investors."

The lecturer criticized those who promoted DATs solely for profit, calling them "fools" who should never be taken seriously again.

He further said, "Raising too much money and creating too many tokens, whether for 'locking' or 'ecosystem development,' is the gangrene of crypto."

Treasury Boom

Starting with Michael Saylor's famous Bitcoin bet at MicroStrategy in 2020, DATs have matured into a comprehensive change in the way companies manage capital.

In 2025, DATs have emerged as the most popular crypto topic, with public entities holding approximately $30 billion worth of crypto assets.

Many DAT vehicles provide traditional investors with a backdoor into crypto exposure without the need to hold tokens.

As of the third quarter of 2025, corporate entities collectively held approximately 1.13 million bitcoins, representing approximately 5% of the total supply.