The emergence of Digital Asset Treasury (DAT) companies represents one of the most significant capital market innovations of the digital asset era. These publicly-listed entities hold crypto assets as a core strategy, leveraging a premium from traditional market liquidity. While they offer a regulated bridge to crypto, their unique structure creates novel risks. This paper explores the anatomy of DATs, their legitimate benefits, the source and sustainability of their premium, and the concerning potential for audit complications and financial malfeasance
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