Zhao: Firms holding crypto must survive a bear market to see real growth

Binance founder Zhao Changpeng commented that companies adopting a Digital Asset Treasury (DAT) strategy can only achieve genuine growth after enduring a long-term bear market, or crypto "winter." Speaking at Bitcoin Asia 2025, he noted that DAT companies face numerous risks. Zhao explained that while some listed firms build up crypto reserves to boost their stock prices, they generally lack the skills to manage these assets, and accountability for complex portfolio management is often unclear. He also pointed out that some companies raise funds to invest directly in other crypto firms, an approach that requires case-by-case evaluation due to highly varied business models. Zhao added that it is essential for DAT companies to experience at least one crypto winter. He cited the example of Strategy, which took a loss during its first cycle but ultimately lowered its average holding cost through continuous operations.