A report analyzed that corporations adopting virtual assets as strategic reserve assets need to diversify their revenue models beyond simply holding these assets.
In a report summarizing the trends and challenges of DAT corporations, Web3 consulting corporation Dispredd noted on the 16th, "It is difficult to maintain corporate value through mere asset holding," adding, "Diversifying revenue models is necessary." The report analyzed the strategies and risks of global DAT corporations, including MicroStrategy and Metaplanet. DAT corporations are publicly listed companies that utilize virtual assets for funding and revenue generation. Unlike general corporations that invest excess cash, DAT corporations design their management around virtual assets.
According to Dispredd, there has recently been a formation of a "premium" that significantly surpasses the net worth (NAV) of the virtual assets owned by DAT corporations. MicroStrategy recorded an average premium of 1.88 times and a maximum of 3.4 times over the past two years. Newly established DAT corporations showed premiums exceeding 4 to 6 times.
The reason for the premium is explained by the fact that DAT corporations create indirect investment pathways and derivatives trading opportunities through traditional financial systems. MicroStrategy secured funding by utilizing financial engineering strategies such as "ATM (At-the-Market) issuances" to raise capital based on the premium and purchased Bitcoin to enhance corporate value.
However, Dispredd pointed out that the premium could drastically collapse during a downturn. When virtual assets decline, the NAV and stock prices of corporations fall together, leading to a reduction in the premium and making funding difficult. Additionally, if institutional investment tools like Bitcoin spot exchange-traded funds (ETFs) become established, the justification for holding DAT stocks could weaken.
Accordingly, Dispredd advised that DAT corporations need to secure revenue models utilizing their held assets for long-term growth. For example, options include ▲ loaning held assets, operating options products ▲ participating in staking and DeFi ▲ developing new financial services based on held assets. In fact, DAT corporations based on the Solana (SOL) blockchain also directly issue liquidity derivatives aside from receiving rewards for staking.
Jewel Dispredd, head of strategy, remarked, "The initial success of DAT corporations is greatly influenced by market liquidity and expectations," adding, "It is now time to prove asset management capabilities." He further stated, "How compelling a business model can be presented using secured capital will determine the existence of DAT corporations."