Digital asset treasuries have become one of the most prominent features of the current crypto bull market. So-called DATs are businesses that acquire a hoard of a given cryptocurrency, from Bitcoin to Dogecoin, and seek to operate a publicly traded vehicle that provides sell exposure to those assets in the form of shares. But with the number of projects ballooning, critics have warned that digital asset treasuries, or DATs, could be the latest crash in the roller-coaster sector. On the latest episode of Fortune’s Crypto Playbook (which you can find on Apple and YouTube), Tom Lee, the longtime analyst and chairman of the leading DAT BitMine, said that the bubble might already have burst.
Lee first learned about Bitcoin while serving as the chief strategist at JPMorgan in 2012, starting his own research company, Fundstrat, a few years later and building a reputation as an outspoken Bitcoin bull when much of Wall Street was still skeptical. In June, he became a crypto executive himself, joining a little-known publicly traded Bitcoin mining company called BitMine as it sought to rebrand itself into the largest institutional holder of Ethereum.
