DO WE NEED DAT 2.0?

Summary from the TLDR Crypto newsletter

Digital Asset Treasuries (DATs) expanded institutional crypto adoption in 2025 but underwent valuation-driven consolidation by year-end, with mNAV compression suggesting the DAT cycle may be maturing. Future iterations will likely shift away from pure buy-and-hold strategies toward specialized models focused on professional trading, storage, and procurement of sovereign block space, recognizing block space as a vital commodity for the digital economy. This evolution requires a deep understanding of duration risks and cyclicality in blockchain economics, and clearer regulatory frameworks are critical for scaling institutional adoption as real-world use cases expand through stablecoin payments, tokenization, and collateral applications in financial transactions.