DATs: Equity-Driven BTC Accumulation as a Capital Flywheel

Digital Asset Treasuries (DATs) are public companies accumulating $BTC directly on their balance sheets. Investors gain exposure not by holding Bitcoin, but by owning equity in a corporate wrapper around it. Unlike ETFs, which passively track price, DATs actively structure capital. The core metric is NAV. When market capitalization exceeds the value of underlying BTC$BTC (mNAV > 1), the company trades at a premium. That premium enables equity issuance through ATM programs, raising fresh capital to purchase additional $BTC. The mechanism becomes recursive — a capital flywheel driven by market perception. However, the model is reflexive. If the premium collapses, issuance slows, accumulation halts, and leverage risks intensify. Current landscape: 200+ DATs globally 90% BTC-focused Over 1M BTC held (~4% of total supply) DATs function as leveraged crypto structures — efficient in expansion cycles, vulnerable during compression. Institutions don’t beat FOMO — they eliminate it. While retail