Bitcoin, Ethereum, and many other crypto assets have also been supported by purchases by digital asset treasuries (DATs). DATs are publicly traded companies that hold crypto assets and provide equity investors with exposure to cryptocurrencies. Strategy (formerly MicroStrategy), the digital asset treasury with the largest Bitcoin holdings, purchased an additional 3,666 BTC (approximately $400 million) in August. Meanwhile, the two largest Ethereum treasuries purchased a combined 1.7 million ETH (approximately $7.2 billion).
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USELESS Coin is dropping more than 10%, forming a new Dip and retesting a key support zone amid large inflows from institutions and whales moving into this memecoin. USELESS Coin price is under strong selling pressure, but on-chain data and high volume from institutional investors suggest a possible reversal, although the short-term trend remains volatile.
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The DAT concept can be traced back to Michael Saylor's decision five years ago. At the time, he transformed his publicly listed software company MicroStrategy (now renamed Strategy) into a Bitcoin accumulator. After Bitcoin's significant price increase, especially by the end of last year, Strategy's shareholder value grew exponentially. The company's Bitcoin-centric strategy transformation suddenly seemed incredibly wise, and Strategy's success inspired imitation in the crypto realm.
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