A warning has been issued that so-called digital asset stockpiles (DATs), which hold large amounts of cryptocurrency, will face a critical testing ground next year. Analysis suggests that these companies, which surged in value amid bull market expectations, are now revealing their structural limitations in a market downturn.
Cointelegraph cited multiple industry experts as saying that many DATs face an existential crisis next year. Altan Tutar, founder of the profit platform MoreMarket, analyzed that DATs, which emerged in the short term following Bitcoin's rise, have recently experienced a sharp decline in market capitalization, and that companies that have adopted altcoin-focused hoarding strategies are particularly likely to be the first to be eliminated. He explained that business structures that rely solely on price increases are quickly becoming vulnerable in a bear market.
Ryan Chow, co-founder of Solve Protocol, issued a similar warning. He pointed out that Bitcoin investment is not a panacea guaranteeing infinite growth, and that companies that fail to generate tangible returns beyond simple holdings will struggle to survive a bear market. This means that strategies solely relying on asset price fluctuations will ultimately face limitations.
First Digital CEO Vincent Chalke cited portfolio strategy and operational liquidity as key factors determining DAT's sustainability. He emphasized that risk diversification and cash flow management must be pursued in tandem, rather than short-term price arbitrage. He also predicted that, in the long term, regulatory compliance and integration with traditional financial infrastructure are inevitable to compete with spot ETFs.
Experts share a clear perspective: the era when cryptocurrency hoarding itself was a competitive advantage is over, and we are entering a period where only companies with robust revenue models, financial structures, and regulatory capabilities will survive. The choices made by DATs born in a bull market during a bear market will likely significantly shape the market landscape next year.
