CZ on Decentralized Autonomous Treasury (DAT) Company: Model Feasible but Management Team and Execution Capability Key

On December 4, CZ responded to questions about Decrypt-as-a-Treasury (DAT) companies during a KOL and Media Interaction session. Specifically, he was asked whether the DAT model is sustainable amid recent pressure on these firms and widespread skepticism about their future. Here’s his breakdown: - The DAT model’s core logic is feasible: It helps traditional companies without direct crypto asset purchase capabilities gain exposure to digital assets. - MicroStrategy’s success has spurred imitation, but DATs vary in management fee structures—lower fees are generally better. - The model carries risks, with the exact risk level tied to the management team, organizational structure, and operating philosophy. - Fundamentally, it’s entirely feasible for public companies to hold high-quality crypto assets, which are likely to appreciate. Simply holding Bitcoin has been one of the best strategies over the past 10–15 years, outperforming 99% of startups and other investment approaches. - When a concept overheats, too many DAT firms emerge: Some will fail, some exit early, but robust ones will continue growing. In summary: The DAT model is feasible, but its success hinges on the management team, structure, philosophy, and the ability to navigate an overheated environment.