I think DATs and treasury companies are stupid. The market seems to agree, consistently pricing them below NAV. SATS wound down and returned $ to investors. I wouldn't mind if this happened more and flushed out these pointless DATs with no actual business attached. There is only one way I see BTC working as a treasury asset. That's if real companies with cash flow believe the best strategic allocation of capital includes holding BTC on their balance sheet vs. using the money for growth. NOT making BTC their whole identity and creating a financial ponzi to increase their holdings. That pretty much rules out VC-backed startups holding BTC. The real prize would be if mature, cash cow businesses that already have significant market share and very little prospect of growth start buying BTC. But they'd have to convince shareholders it's better than a cash dividend. If people like Jack create cash flowing businesses that can buy BTC? Maybe that becomes a proof of concept.