The numbers we’re seeing from digital asset treasuries now rival the SPAC peak. Nearly two hundred DATs hold more than $100 billion in digital assets, with another $100 billion in announced raises, as they control about 4 percent of all of bitcoin (BTC) and 1 percent of all the ether (ETH) in circulation. At the SPAC boom’s height, nearly three hundred vehicles were chasing deals with $90 billion in cash.
Neither the SPAC boom nor the investment trusts of the 1920s collapsed because the model was broken; they collapsed when speed, leverage, and copycatting pushed them beyond their limits.
The DAT wave is tracing a similar arc, only with its speculative energy supercharged by crypto’s volatility, narrative pull, and global liquidity.
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