$25 billion in digital asset treasuries cumulatively underwater. Zero above cost basis. The fundamental contradiction was always there: centralizing ownership of an asset whose entire value proposition is decentralization. Every layer added (counterparty risk, management risk, governance risk, custody risk) compounds the fragility of a structure built around an asset designed to eliminate exactly those dependencies. Bitcoin's thesis is sovereignty and verification. The DAT thesis is delegation and trust. What we're witnessing now is not a surprise. It's the inevitable reconciliation of that contradiction. @MTanguma on THE ₿ROADCAST 👇