The post Why normalization of digital asset treasuries is the next big business trend appeared on BitcoinEthereumNews.com.

For a brief moment, the digital asset treasury (DAT) was Wall Street’s bright, shiny object. But in 2026, the novelty has worn off. The star of the “passive accumulator” has dimmed, and rightly so. Investors have realized that simply announcing a bitcoin purchase is no longer a magic trick that guarantees stock appreciation. The easy money trade is over. But this cooling-off period is not a death knell; it is a reckoning. It is stripping away the hype to reveal a stark reality: Dozens of public operating companies are attempting to transform themselves into unregulated hedge funds—often without the risk architecture of a fund or the governance standards of a public company. The playbook was alarmingly simple: raise capital, accumulate cryptocurrency, and pray for appreciation. But as a securities attorney and CEO who has overseen more than $5 billion in capital raises, including as the General Counsel to MARA Holdings during its run to a $6 billion valuation, I know that accumulation is not a sound business strategy. It’s a crapshoot. And as we approach annual reporting deadlines, the bill for those bets is coming due. If the DAT sector is to mature from a speculative frenzy and gain credibility as a respected fintech strategy, we must stop treating governance as an afterthought. It must be the foundation. The risk of the “blind buy” The prevailing DAT model has been defined by a singular mandate: raise cash, buy assets, hold. While this works in a bull market, it exposes shareholders to catastrophic downside in a bear market or during times of volatility, as we’ve all seen recently. Without a clear, articulated strategy for why a specific asset is being chosen or how liquidity will be managed, these companies are essentially gambling with shareholder value. Both retail and institutional investors are…

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Filed under: News - @ February 7, 2026 8:17 am