"As Bitcoin adoption by public companies accelerates, imitators are inevitable. The latest trend? DATs - "Digital Asset Treasuries" - which seek to replicate the success of Bitcoin treasury companies by allocating reserves to altcoins like Ethereum or Dogecoin. From the outside, the surface-level pitch might seem similar: acquire a digital asset, move early, build a treasury strategy, issue equity or dehttps://bitcoinmagazine.com/bitcoin-for-corporations/how-bitcoin-reduces-counterparty-risk-in-corporate-treasury-strategybt, and attempt to capture long-term upside and reflexive flows. But beneath the surface, the comparison collapses."
"Bitcoin is not a tech platform or a product roadmap. It is money - purpose-built, neutral, leaderless, and maximally conservative in its evolution. Its rules are set in stone, its issuance schedule immutably locked, and its design fiercely resistant to change. Altcoins like Ethereum or Dogecoin, by contrast, are better understood as venture-stage software projects masquerading as money. They are: Governed by foundations or small groups of core developers"
Several public companies pivoted to Digital Asset Treasury (DAT) models by allocating corporate reserves into altcoins such as Dogecoin and Ethereum and experienced steep share declines. CleanCore Solutions plunged 60% after unveiling a $175 million Dogecoin treasury plan. Bit Digital wound down Bitcoin mining to become an Ethereum staking and treasury company. Spirit Blockchain Capital and Dogecoin Cash Inc. launched DOGE-centric treasury strategies and lost over 70% year-to-date. Bitcoin operates as money with fixed issuance and conservative governance. Altcoins resemble venture-stage software with foundations, frequent protocol changes, active feature-driven management, and concentrated founder influence, undermining capital preservation objectives.
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