Corporate cryptoclines split the community

Trend to create digital treasury (Dat) caused disputes among market participants. The Block writes about it.

The concept of corporate reserves in cryptocurrency has emerged In 2020, when Michael Salor decided to turn his Strategy company into a bitcoin’s largest public owner.

After the increase in the value of “digital gold”, its market capitalization increased sharply, which attracted the attention of other companies. In 2024, the Dat wave spread to other assets – Ethereum and Solana.

Proponents believe that such structures “increase the identity of the ecosystem” and create long -term value.

“Companies that control cryptocabulars push tokens upwards that attracts users, developers, and contributes to the emergence of dapps. This can greatly increase the visibility of the ecosystem of coin, especially among traditional investors and institutional players, ”said Upexi Brian Rudik’s chief strategist.

However, critics, including The Block research, Stephen Zheng, indicate the risks of conflict of interest. According to him, many DATs are formed with the participation of insiders who can buy tokens at a discount before the public announcement.

Contradictory agreements Donald Trump -related World Liberty Financial has attracted $ 1.5 billion to create a TCCEN WlfI Treasury, which is not trading on exchanges.

The co -founder of the Project Vitcoff said the coins were purchased through Alt5 with a discount of 64% of the “predictable market price” ($ 0.2 against $ 0.56). Eric Trump joined the Board of Directors of Alt5, intensifying the links between the project and the administration.

A similar situation happened with Ton Strategy (previously Verb Technology), which announced the attracting $ 558 million to buy Toncoin.

KingsWay Capital, Ribbit Capital and Vy Capital, which are at the same time, are early investors, participated in the agreement. Kingsway CEO Manuel Stoltz also holds the post of Ton Foundation President and the executive head of the newly created DAT – Ton Strategy.

According to the submitted Sec Investors’ presentation, Ton Strategy will be able to buy a 40% discount with a discount of Ton.

Some experts say that such closed transactions are not a novelty for the industry.

“Information that is considered a gray zone in the cryptocurrency industry, may well be recognized as an insider in the world,” said The Block anonymous interlocutor.

DAT critics also drew attention to agreements with the participation of other known figures. Yes, Binance Family Chanpeen Zhao invested $ 500 million in the transformation of CEA Industries into a BNB Treasury. Earlier, he reported that 98% of his crypto assets fall on this token.

The amount of Ethereum in public companies and ETF reserves. Source: Strategic Eth Reserve.

In June, after the $ 100 million SRM Entertainment agreement, it changed the name to Tron Inc. Justin San became her advisor. The firm positions itself as the largest corporate owner of TRX.

In July, the biotechnology company Sonnet Biotherapeutics has rebrand, became Hyperliquid strategies and moved to the accumulation of Hype token.

To the announcement of DAT creation, the company’s shares kept at $ 1. However, two weeks before the public announcement, Sonnet sold converted bonds for $ 2 million unnamed accredited investors. After that, the quotes began to grow rapidly, adding more than 300%, and later reached $ 10.

As a result, the company purchased 12.6 million tokens for $ 583 million with the support of Paradigm. It was later revealed that 98% of Sonnet’s shares belongs to Rorschach I LLC – an affiliated structure with Paradigm.

Expert opinions Komodo Technical Director Kadan Stadelmann called all the examples “the same circular economy that gives cryptosptics a topic for discussions for years ahead.”

“When a treasury company sets funds from venture funds or development funds to buy tokens that the same funds already possess, it is not an asset management, it is a liquidity creation for exit. It is an agreement with yourself, disguised as capital deployment, ”he said.

CEO Alluvial Mara Schmidt took a more optimistic position. According to her, the desire of crypto -projections to create public companies opens up opportunities to increase accountability.

“Public companies are obliged to comply with the strict requirements for disclosure and to support transparent policy on conflicts of interest. When such organizations are involved in cryptocurrencies, they bring a level of responsibility that can raise standards for the entire ecosystem, ”she stressed.

We will remind, Vitalik Butherin supported the Etherereum in corporate treasury, but warned against risks. In his opinion, excessive use of borrowing by companies can turn it into a “dangerous game”.

The gun