The conversation about digital asset treasury (DAT) companies suggests that their popularity persists, akin to the initial coin offering (ICO) era. Electric Capital's Avichal Garg raised questions during a discussion on the durability of this trend. Rob Hadick from Dragonfly predicted an increase in mergers and acquisitions (M&A) within the DAT space, recognizing current market exhaustion. The significant number of DAT companies emerging raises concerns about their long-term viability, with Hadick claiming that not all will succeed. Additionally, hedge funds are increasingly interested in these treasury companies because they cannot buy ETFs, indicating an opportunity for investment in an otherwise restricted market. This dynamic could potentially strengthen the DAT sector, making it appealing for both retail and institutional investors. Overall, while there are signs of market fatigue, the structural interest among hedge funds keeps the DAT appetite alive.

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