On September 22nd, the cumulative financing of digital asset treasury (DAT) companies has exceeded 20 billion US dollars this year. Some institutional investors believe that the peak has passed. With the narrowing of the premium and the coverage of mainstream targets, the focus of funds is shifting to execution, scale and merger and acquisition integration, and it has a crowding out effect on traditional crypto start-up financing.
There are still expected to be new projects launched by early next year, but the amount of financing will be smaller. As for the huge financing of DAT with a scale of more than 500 million to 1 billion US dollars, only a few participants with high market capitalization and volatility enough to support convertible bonds can actually raise these funds.
Analysis: DAT company raised more than 20 billion dollars this year, some institutions say the peak has passed
2025-09-22 00:34:47
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