At Bitcoin Asia 2025, Binance founder Changpeng Zhao (CZ) stated that the digital asset treasury model (DAT) carries many risks. Some public companies are bullish on their stock prices by holding crypto reserves but lack the capability to manage digital assets, and the responsibility for maintaining a complex portfolio is unclear. Some even transfer raised capital to other crypto companies, requiring separate expert assessments.
CZ emphasized that in the current bullish market, not all DATs will achieve double valuation. The market has distinct cycles, and most DATs need to go through at least one “crypto winter” to average out prices, similar to what MicroStrategy did after the first cycle. Investors need to be cautious of the risks of strong price volatility according to the cycle.
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