According to BlockBeats, Adam Reeds, co-founder and CEO of Ledn, highlights a significant shift in the market dynamics affecting digital asset treasury companies. Traditionally viewed as pioneers in the industry, these companies are now facing challenges in achieving their previous promise of triple returns. This phenomenon is particularly evident when comparing MicroStrategy’s tenfold growth over five years to Bitcoin’s tenfold rise during the same period. Reeds notes a recent cooling off in the crypto treasury craze, primarily driven by the fading influence of strategy. Market capitalization for DAT companies has shrunk below $150 billion, and Bitcoin’s associated cryptocurrency holdings have declined from $165 billion to $134 billion this past month despite Bitcoin’s relative price stability. Strategy’s stock price also saw a decline from a peak of $455 in July to $359 this past Friday, while Metaplanet’s stock has experienced a monthly decline exceeding 30%. Reeds emphasizes that the real challenge lies not simply in holding more cryptocurrency but in developing unique management capabilities or exceptional capital operation strategies. The lack of such distinguishing factors is now raising doubts about the effectiveness of traditional DAT company models.