Bloomberg: DAT financing models shift risk to retail investors

Bloomberg, citing a report from 10x Research, has highlighted that the financing methods used by Digital Asset Treasury (DAT) companies could be shifting risk onto retail investors. DATs are defined as publicly traded companies that hold a significant concentration of cryptocurrencies as corporate assets. According to the report, these firms are increasingly adopting an "in-kind contribution" structure for fundraising, where they contribute their own tokens instead of cash. A key risk is that these tokens are often unlisted or have low liquidity, making objective valuation difficult. This can result in shareholders investing at a price higher than the actual market value. If the market price of these tokens proves to be lower, retail investors are left to absorb a substantial portion of the losses. It is estimated that retail investors in these models have incurred losses of approximately $17 billion to date. The report advises that investors holding or considering DAT stocks must thoroughly assess the token structure, contribution method, and post-listing liquidity risks.