Matt Hougan, Gi&aacute;m &#273;&#7889;c &#273;&#7847;u t&#432; c&#7911;a Bitwise, &#273;&atilde; tham gia cu&#7897;c th&#7843;o lu&#7853;n &#273;ang ng&agrave;y c&agrave;ng s&ocirc;i n&#7893;i v&#7873; Digital Asset Treasuries (DATs). &Ocirc;ng l&#7853;p lu&#7853;n r&#7857;ng ch&#7881; nh&#7919;ng c&ocirc;ng ty th&#7921;c hi&#7879;n c&aacute;c chi&#7871;n l&#432;&#7907;c ti&#7873;n m&atilde; h&oacute;a ph&#7913;c t&#7841;p v&agrave; mang l&#7841;i gi&aacute; tr&#7883; m&#7899;i x&#7913;ng &#273;&aacute;ng &#273;&#432;&#7907;c giao d&#7883;ch &#7903; m&#7913;c gi&aacute; cao h&#417;n.
Nh&#7919;ng nh&#7853;n x&eacute;t n&agrave;y xu&#7845;t hi&#7879;n trong b&#7889;i c&#7843;nh &#273;&aacute;nh gi&aacute; l&#7841;i m&#7841;nh m&#7869; &#7903; ng&agrave;nh DAT. Gi&aacute; tr&#7883; t&agrave;i s&#7843;n r&ograve;ng tr&ecirc;n th&#7883; tr&#432;&#7901;ng (mNAV) c&#7911;a h&#7847;u h&#7871;t c&aacute;c c&ocirc;ng ty &#273;&atilde; h&#7897;i t&#7909; v&#7873; 1.0.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-matt-hougan-says-only-hard-dats-deserve-market-premiums">Matt Hougan n&oacute;i ch&#7881; c&aacute;c DAT &ldquo;hard&rdquo; m&#7899;i x&#7913;ng &#273;&aacute;ng v&#7899;i m&#7913;c gi&aacute; cao tr&ecirc;n th&#7883; tr&#432;&#7901;ng</h2>

Hougan gi&#7843;i th&iacute;ch r&#7857;ng m&#7897;t s&#7889; DATs n&ecirc;n &#273;&#432;&#7907;c giao d&#7883;ch &#7903; ho&#7863;c tr&ecirc;n gi&aacute; tr&#7883; t&agrave;i s&#7843;n r&ograve;ng c&#7911;a h&#7885;, trong khi nh&#7919;ng c&aacute;i kh&aacute;c n&ecirc;n &#273;&#432;&#7907;c giao d&#7883;ch th&#7845;p h&#417;n. Theo &ocirc;ng, c&aacute;ch t&#7889;t nh&#7845;t &#273;&#7875; x&aacute;c &#273;&#7883;nh DATs n&agrave;o &#273;&aacute;ng ch&uacute; &yacute; l&agrave; h&#7887;i: H&#7885; c&oacute; &#273;ang l&agrave;m &#273;i&#7873;u g&igrave; kh&oacute; kh&#259;n kh&ocirc;ng?
Hougan ph&acirc;n bi&#7879;t gi&#7919;a c&aacute;c c&ocirc;ng ty ch&#7881; mua v&agrave; gi&#7919; t&agrave;i s&#7843;n ti&#7873;n m&atilde; h&oacute;a v&agrave; c&aacute;c c&ocirc;ng ty &#273;ang x&acirc;y d&#7921;ng c&aacute;c c&#7845;u tr&uacute;c t&agrave;i ch&iacute;nh ho&#7863;c m&ocirc; h&igrave;nh chi&#7871;n l&#432;&#7907;c xung quanh c&aacute;c kho&#7843;n n&#7855;m gi&#7919; c&#7911;a h&#7885;.
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
&ldquo;Mua m&#7897;t t&agrave;i s&#7843;n ti&#7873;n m&atilde; h&oacute;a v&agrave; &#273;&#432;a n&oacute; v&agrave;o b&#7843;ng c&acirc;n &#273;&#7889;i k&#7871; to&aacute;n h&ocirc;m nay kh&ocirc;ng ph&#7843;i l&agrave; &#273;i&#7873;u kh&oacute; kh&#259;n,&rdquo; &ocirc;ng n&oacute;i, &#273;&#7891;ng th&#7901;i cho bi&#7871;t ETFs hi&#7879;n nay cung c&#7845;p c&aacute;c t&ugrave;y ch&#7885;n staking mang l&#7841;i c&ugrave;ng m&#7913;c &#273;&#7897; ti&#7871;p c&#7853;n nh&#432;ng &iacute;t tr&#7903; ng&#7841;i h&#417;n.
</blockquote>

&Ocirc;ng &#273;&atilde; nh&#7855;c &#273;&#7871;n <a href="https://vn.beincrypto.com/microstrategy-doi-ten-strategy/" target="_blank" rel="noreferrer noopener">MicroStrategy (nay l&agrave; Strategy)</a> nh&#432; m&#7897;t v&iacute; d&#7909; n&#7893;i b&#7853;t c&#7911;a m&#7897;t DAT &#273;ang th&#7921;c hi&#7879;n m&#7897;t chi&#7871;n l&#432;&#7907;c kh&oacute; kh&#259;n nh&#432;ng &#273;&aacute;ng khen ng&#7907;i.
MicroStrategy &#273;&atilde; s&#7903; h&#7919;u 66.22 t&#7927; USD Bitcoin trong khi c&oacute; 8 t&#7927; USD n&#7907;, v&agrave; c&ocirc;ng ty n&agrave;y &#273;ang ph&aacute;t h&agrave;nh n&#7907; d&#7921;a tr&ecirc;n v&#7883; th&#7871; &#273;&oacute;.
<img style="height:400px;width:640px;" decoding="async" alt="MicroStrategy BTC Holdings Against mNAV" class="wp-image-770185 lazy" loading="lazy" src="https://assets.beincrypto.com/img/imgbwGcDcovl1mlsgYXSNAT3MuE=/smart/49bd35cd46ae458a8660c8c03bec93cd">MicroStrategy BTC Holdings Against mNAV. Ngu&#7891;n: <a href="https://bitcointreasuries.net/public-companies/microstrategy" target="_blank" rel="noreferrer noopener nofollow">Bitcoin Treasuries</a>

Hougan l&#432;u &yacute; r&#7857;ng vi&#7879;c huy &#273;&#7897;ng m&#7897;t l&#432;&#7907;ng v&#7889;n l&#7899;n nh&#432; th&#7871; n&agrave;y &#273;&#7875; mua Bitcoin trong m&#7897;t c&#7845;u tr&uacute;c c&ocirc;ng ty, &#273;&#7863;c bi&#7879;t l&agrave; khi kh&ocirc;ng c&oacute; n&#7907;, l&agrave; m&#7897;t th&aacute;ch th&#7913;c.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-why-doing-hard-things-may-define-the-next-phase-of-dat-survival">T&#7841;i sao vi&#7879;c &ldquo;l&agrave;m nh&#7919;ng &#273;i&#7873;u kh&oacute; kh&#259;n&rdquo; c&oacute; th&#7875; &#273;&#7883;nh h&igrave;nh giai &#273;o&#7841;n ti&#7871;p theo c&#7911;a s&#7921; s&#7889;ng c&ograve;n c&#7911;a DAT</h2>

Theo gi&aacute;m &#273;&#7889;c &#273;i&#7873;u h&agrave;nh Bitwise, kh&#7843; n&#259;ng s&#7917; d&#7909;ng c&ocirc;ng c&#7909; t&agrave;i ch&iacute;nh doanh nghi&#7879;p nh&#432; <a href="https://vn.beincrypto.com/wall-streets-new-bitcoin-whale-firm-locks-100m-to-stack-btc-plans-1-of-supply/" target="_blank" rel="noreferrer noopener">n&#7907; chuy&#7875;n &#273;&#7893;i</a> ho&#7863;c c&#7893; phi&#7871;u &#432;u &#273;&atilde;i &#273;&#7875; t&iacute;ch l&#361;y th&ecirc;m Bitcoin mang l&#7841;i cho MicroStrategy m&#7897;t l&#7907;i th&#7871; c&#7845;u tr&uacute;c c&oacute; th&#7875; bi&#7879;n minh cho m&#7913;c gi&aacute; th&#7883; tr&#432;&#7901;ng cao h&#417;n trong m&#7897;t s&#7889; &#273;i&#7873;u ki&#7879;n nh&#7845;t &#273;&#7883;nh.
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
&ldquo;C&oacute; nh&#7919;ng &#273;i&#7873;u th&uacute; v&#7883; kh&aacute;c m&agrave; DATs c&oacute; th&#7875; l&agrave;m d&ugrave; kh&oacute; kh&#259;n,&rdquo; &ocirc;ng n&oacute;i th&ecirc;m, nh&#7855;c &#273;&#7871;n c&aacute;c chi&#7871;n l&#432;&#7907;c nh&#432; vi&#7871;t quy&#7873;n ch&#7885;n c&oacute; b&#7843;o hi&#7875;m, tham gia c&#7849;n th&#7853;n v&agrave;o DeFi ho&#7863;c cho vay th&ocirc;ng minh. &ldquo;&#272;&acirc;y kh&ocirc;ng ph&#7843;i l&uacute;c n&agrave;o c&#361;ng l&agrave; &yacute; t&#432;&#7903;ng t&#7889;t, v&agrave; kh&ocirc;ng ph&#7843;i ai c&#361;ng l&agrave;m t&#7889;t &#273;i&#7873;u n&agrave;y. Nh&#432;ng ch&uacute;ng kh&ocirc;ng h&#7873; t&#7847;m th&#432;&#7901;ng, v&agrave; n&#7871;u l&agrave;m t&#7889;t, c&oacute; c&#417; h&#7897;i s&#7869; &#273;&#432;&#7907;c th&#432;&#7903;ng.&rdquo;
</blockquote>

Ng&#432;&#7907;c l&#7841;i, Hougan c&#7843;nh b&aacute;o r&#7857;ng DATs &#273;i theo h&#432;&#7899;ng &ldquo;l&#432;&#7901;i bi&#7871;ng&rdquo; b&#7857;ng c&aacute;ch ch&#7881; gi&#7919; m&#7897;t t&agrave;i s&#7843;n ti&#7873;n m&atilde; h&oacute;a c&oacute; th&#7875; s&#7869; &#273;&#432;&#7907;c giao d&#7883;ch v&#7899;i gi&aacute; th&#7845;p h&#417;n so v&#7899;i gi&aacute; tr&#7883; n&#7855;m gi&#7919; c&#417; b&#7843;n c&#7911;a h&#7885;.
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
&ldquo;Cu&#7889;i c&ugrave;ng th&igrave; DATs c&#361;ng ch&#7881; l&agrave; c&ocirc;ng ty,&rdquo; &ocirc;ng n&oacute;i. &ldquo;C&aacute;c c&ocirc;ng ty t&#7889;t &#273;&#432;&#7907;c th&#432;&#7903;ng v&igrave; l&agrave;m t&#7889;t nh&#7919;ng &#273;i&#7873;u kh&oacute; kh&#259;n theo th&#7901;i gian. C&aacute;c c&ocirc;ng ty k&eacute;m hi&#7879;u qu&#7843; ho&#7863;c c&#7889; g&#7855;ng &#273;i con &#273;&#432;&#7901;ng d&#7877; d&agrave;ng &#273;&#7875; gi&agrave;u c&oacute; b&#7883; tr&#7915;ng ph&#7841;t.&rdquo;
</blockquote>

Nh&#7919;ng nh&#7853;n x&eacute;t c&#7911;a Hougan xu&#7845;t hi&#7879;n khi ng&agrave;nh DAT &#273;ang &#273;&#7889;i m&#7863;t v&#7899;i s&#7921; gi&aacute;m s&aacute;t ng&agrave;y c&agrave;ng t&#259;ng sau khi m&#7897;t <a href="https://vn.beincrypto.com/digital-asset-treasuries-are-collapsing-lost-confidence-triggers-market-sell-off/" target="_blank" rel="noreferrer noopener">s&#7921; s&#7909;t gi&#7843;m trong m&#7913;c gi&aacute; th&#7883; tr&#432;&#7901;ng cao h&#417;n</a> x&#7843;y ra. N&#7873;n t&#7843;ng d&#7919; li&#7879;u on-chain Artemis &#273;&atilde; b&aacute;o c&aacute;o r&#7857;ng tu&#7847;n n&agrave;y mNAV c&#7911;a c&aacute;c c&ocirc;ng ty DAT, &#273;o l&#432;&#7901;ng v&#7889;n th&#7883; tr&#432;&#7901;ng so v&#7899;i gi&aacute; tr&#7883; t&agrave;i s&#7843;n s&#7889;, &#273;&atilde; gi&#7843;m m&#7841;nh, v&#7899;i t&#7927; l&#7879; t&#7915;ng v&#432;&#7907;t qu&aacute; 25 gi&#7901; &#273;&atilde; h&#7897;i t&#7909; v&#7873; m&#7913;c 1.0.
<img style="height:400px;width:640px;" decoding="async" alt="mNAV by Digital Asset Treasury" class="wp-image-770187 lazy" loading="lazy" src="https://assets.beincrypto.com/img/56TfZ4Yn7xCWBDNQ1t76n8sjiE8=/smart/ce29b11c81f34213a2a205372531d2fb">mNAV by Digital Asset Treasury. Ngu&#7891;n: <a href="https://app.artemisanalytics.com/digital-asset-treasuries" target="_blank" rel="noreferrer noopener nofollow">Artemis</a>

Cu&#7897;c &#273;i&#7873;u ch&#7881;nh n&agrave;y di&#7877;n ra sau khi BeInCrypto &#273;&atilde; b&aacute;o c&aacute;o r&#7857;ng <a href="https://vn.beincrypto.com/metaplanet-bitcoin-bet-at-risk/" target="_blank" rel="noreferrer noopener">mNAV c&#7911;a Metaplanet gi&#7843;m xu&#7889;ng d&#432;&#7899;i m&#7913;c ngang gi&aacute; l&agrave; 0.99</a> d&ugrave; t&#259;ng tr&#432;&#7903;ng doanh thu m&#7841;nh m&#7869;.
K&#7875; t&#7915; &#273;&oacute;, Metaplanet &#273;&atilde; <a href="https://bitcointreasuries.net/public-companies/metaplanet" target="_blank" rel="noreferrer noopener nofollow">h&#7891;i ph&#7909;c</a>, nh&#432;ng xu h&#432;&#7899;ng r&#7897;ng l&#7899;n h&#417;n ph&#7843;n &aacute;nh s&#7921; thay &#273;&#7893;i c&#7911;a th&#7883; tr&#432;&#7901;ng &#273;&#7889;i v&#7899;i &#273;&#7883;nh gi&aacute; c&#7849;n tr&#7885;ng h&#417;n.
Trong b&#7889;i c&#7843;nh n&agrave;y, Hougan n&ecirc;u r&otilde; r&#7857;ng DATs ph&#7843;i ch&#7913;ng minh l&#7907;i th&#7871; ho&#7841;t &#273;&#7897;ng c&#7911;a m&igrave;nh &#273;&#7875; x&#7913;ng &#273;&aacute;ng v&#7899;i s&#7921; tin t&#432;&#7903;ng c&#7911;a nh&agrave; &#273;&#7847;u t&#432;. Trong m&#7897;t th&#7883; tr&#432;&#7901;ng ng&agrave;y c&agrave;ng si&#7871;t ch&#7863;t, th&#7921;c hi&#7879;n nh&#7919;ng &#273;i&#7873;u kh&oacute; kh&#259;n c&oacute; th&#7875; &#273;&#7883;nh h&igrave;nh nh&#7919;ng c&ocirc;ng ty t&agrave;i s&#7843;n s&#7889; n&agrave;o s&#7869; t&#7891;n t&#7841;i.

Giám đốc đầu tư của Bitwise Matt Hougan: “DAT tốt làm những việc khó — DAT xấu sẽ bị trừng phạt”

Matt Hougan, Gi&aacute;m &#273;&#7889;c &#273;&#7847;u t&#432; c&#7911;a Bitwise, &#273;&atilde; tham gia cu&#7897;c th&#7843;o lu&#7853;n &#273;ang ng&agrave;y c&agrave;ng s&ocirc;i n&#7893;i v&#7873; Digital Asset Treasuries (DATs). &Ocirc;ng l&#7853;p lu&#7853;n r&#7857;ng ch&#7881; nh&#7919;ng c&ocirc;ng ty th&#7921;c hi&#7879;n c&aacute;c chi&#7871;n l&#432;&#7907;c ti&#7873;n m&atilde; h&oacute;a ph&#7913;c t&#7841;p v&agrave; mang l&#7841;i gi&aacute; tr&#7883; m&#7899;i x&#7913;ng &#273;&aacute;ng &#273;&#432;&#7907;c giao d&#7883;ch &#7903; m&#7913;c gi&aacute; cao h&#417;n.
Nh&#7919;ng nh&#7853;n x&eacute;t n&agrave;y xu&#7845;t hi&#7879;n trong b&#7889;i c&#7843;nh &#273;&aacute;nh gi&aacute; l&#7841;i m&#7841;nh m&#7869; &#7903; ng&agrave;nh DAT. Gi&aacute; tr&#7883; t&agrave;i s&#7843;n r&ograve;ng tr&ecirc;n th&#7883; tr&#432;&#7901;ng (mNAV) c&#7911;a h&#7847;u h&#7871;t c&aacute;c c&ocirc;ng ty &#273;&atilde; h&#7897;i t&#7909; v&#7873; 1.0.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-matt-hougan-says-only-hard-dats-deserve-market-premiums">Matt Hougan n&oacute;i ch&#7881; c&aacute;c DAT &ldquo;hard&rdquo; m&#7899;i x&#7913;ng &#273;&aacute;ng v&#7899;i m&#7913;c gi&aacute; cao tr&ecirc;n th&#7883; tr&#432;&#7901;ng</h2>

Hougan gi&#7843;i th&iacute;ch r&#7857;ng m&#7897;t s&#7889; DATs n&ecirc;n &#273;&#432;&#7907;c giao d&#7883;ch &#7903; ho&#7863;c tr&ecirc;n gi&aacute; tr&#7883; t&agrave;i s&#7843;n r&ograve;ng c&#7911;a h&#7885;, trong khi nh&#7919;ng c&aacute;i kh&aacute;c n&ecirc;n &#273;&#432;&#7907;c giao d&#7883;ch th&#7845;p h&#417;n. Theo &ocirc;ng, c&aacute;ch t&#7889;t nh&#7845;t &#273;&#7875; x&aacute;c &#273;&#7883;nh DATs n&agrave;o &#273;&aacute;ng ch&uacute; &yacute; l&agrave; h&#7887;i: H&#7885; c&oacute; &#273;ang l&agrave;m &#273;i&#7873;u g&igrave; kh&oacute; kh&#259;n kh&ocirc;ng?
Hougan ph&acirc;n bi&#7879;t gi&#7919;a c&aacute;c c&ocirc;ng ty ch&#7881; mua v&agrave; gi&#7919; t&agrave;i s&#7843;n ti&#7873;n m&atilde; h&oacute;a v&agrave; c&aacute;c c&ocirc;ng ty &#273;ang x&acirc;y d&#7921;ng c&aacute;c c&#7845;u tr&uacute;c t&agrave;i ch&iacute;nh ho&#7863;c m&ocirc; h&igrave;nh chi&#7871;n l&#432;&#7907;c xung quanh c&aacute;c kho&#7843;n n&#7855;m gi&#7919; c&#7911;a h&#7885;.
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
&ldquo;Mua m&#7897;t t&agrave;i s&#7843;n ti&#7873;n m&atilde; h&oacute;a v&agrave; &#273;&#432;a n&oacute; v&agrave;o b&#7843;ng c&acirc;n &#273;&#7889;i k&#7871; to&aacute;n h&ocirc;m nay kh&ocirc;ng ph&#7843;i l&agrave; &#273;i&#7873;u kh&oacute; kh&#259;n,&rdquo; &ocirc;ng n&oacute;i, &#273;&#7891;ng th&#7901;i cho bi&#7871;t ETFs hi&#7879;n nay cung c&#7845;p c&aacute;c t&ugrave;y ch&#7885;n staking mang l&#7841;i c&ugrave;ng m&#7913;c &#273;&#7897; ti&#7871;p c&#7853;n nh&#432;ng &iacute;t tr&#7903; ng&#7841;i h&#417;n.
</blockquote>

&Ocirc;ng &#273;&atilde; nh&#7855;c &#273;&#7871;n <a href="https://vn.beincrypto.com/microstrategy-doi-ten-strategy/" target="_blank" rel="noreferrer noopener">MicroStrategy (nay l&agrave; Strategy)</a> nh&#432; m&#7897;t v&iacute; d&#7909; n&#7893;i b&#7853;t c&#7911;a m&#7897;t DAT &#273;ang th&#7921;c hi&#7879;n m&#7897;t chi&#7871;n l&#432;&#7907;c kh&oacute; kh&#259;n nh&#432;ng &#273;&aacute;ng khen ng&#7907;i.
MicroStrategy &#273;&atilde; s&#7903; h&#7919;u 66.22 t&#7927; USD Bitcoin trong khi c&oacute; 8 t&#7927; USD n&#7907;, v&agrave; c&ocirc;ng ty n&agrave;y &#273;ang ph&aacute;t h&agrave;nh n&#7907; d&#7921;a tr&ecirc;n v&#7883; th&#7871; &#273;&oacute;.
<img style="height:400px;width:640px;"decoding="async" alt="MicroStrategy BTC Holdings Against mNAV" class="wp-image-770185 lazy" loading="lazy" src="https://assets.beincrypto.com/img/imgbwGcDcovl1mlsgYXSNAT3MuE=/smart/49bd35cd46ae458a8660c8c03bec93cd">MicroStrategy BTC Holdings Against mNAV. Ngu&#7891;n: <a href="https://bitcointreasuries.net/public-companies/microstrategy" target="_blank" rel="noreferrer noopener nofollow">Bitcoin Treasuries</a>

Hougan l&#432;u &yacute; r&#7857;ng vi&#7879;c huy &#273;&#7897;ng m&#7897;t l&#432;&#7907;ng v&#7889;n l&#7899;n nh&#432; th&#7871; n&agrave;y &#273;&#7875; mua Bitcoin trong m&#7897;t c&#7845;u tr&uacute;c c&ocirc;ng ty, &#273;&#7863;c bi&#7879;t l&agrave; khi kh&ocirc;ng c&oacute; n&#7907;, l&agrave; m&#7897;t th&aacute;ch th&#7913;c.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-why-doing-hard-things-may-define-the-next-phase-of-dat-survival">T&#7841;i sao vi&#7879;c &ldquo;l&agrave;m nh&#7919;ng &#273;i&#7873;u kh&oacute; kh&#259;n&rdquo; c&oacute; th&#7875; &#273;&#7883;nh h&igrave;nh giai &#273;o&#7841;n ti&#7871;p theo c&#7911;a s&#7921; s&#7889;ng c&ograve;n c&#7911;a DAT</h2>

Theo gi&aacute;m &#273;&#7889;c &#273;i&#7873;u h&agrave;nh Bitwise, kh&#7843; n&#259;ng s&#7917; d&#7909;ng c&ocirc;ng c&#7909; t&agrave;i ch&iacute;nh doanh nghi&#7879;p nh&#432; <a href="https://vn.beincrypto.com/wall-streets-new-bitcoin-whale-firm-locks-100m-to-stack-btc-plans-1-of-supply/" target="_blank" rel="noreferrer noopener">n&#7907; chuy&#7875;n &#273;&#7893;i</a> ho&#7863;c c&#7893; phi&#7871;u &#432;u &#273;&atilde;i &#273;&#7875; t&iacute;ch l&#361;y th&ecirc;m Bitcoin mang l&#7841;i cho MicroStrategy m&#7897;t l&#7907;i th&#7871; c&#7845;u tr&uacute;c c&oacute; th&#7875; bi&#7879;n minh cho m&#7913;c gi&aacute; th&#7883; tr&#432;&#7901;ng cao h&#417;n trong m&#7897;t s&#7889; &#273;i&#7873;u ki&#7879;n nh&#7845;t &#273;&#7883;nh.
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
&ldquo;C&oacute; nh&#7919;ng &#273;i&#7873;u th&uacute; v&#7883; kh&aacute;c m&agrave; DATs c&oacute; th&#7875; l&agrave;m d&ugrave; kh&oacute; kh&#259;n,&rdquo; &ocirc;ng n&oacute;i th&ecirc;m, nh&#7855;c &#273;&#7871;n c&aacute;c chi&#7871;n l&#432;&#7907;c nh&#432; vi&#7871;t quy&#7873;n ch&#7885;n c&oacute; b&#7843;o hi&#7875;m, tham gia c&#7849;n th&#7853;n v&agrave;o DeFi ho&#7863;c cho vay th&ocirc;ng minh. &ldquo;&#272;&acirc;y kh&ocirc;ng ph&#7843;i l&uacute;c n&agrave;o c&#361;ng l&agrave; &yacute; t&#432;&#7903;ng t&#7889;t, v&agrave; kh&ocirc;ng ph&#7843;i ai c&#361;ng l&agrave;m t&#7889;t &#273;i&#7873;u n&agrave;y. Nh&#432;ng ch&uacute;ng kh&ocirc;ng h&#7873; t&#7847;m th&#432;&#7901;ng, v&agrave; n&#7871;u l&agrave;m t&#7889;t, c&oacute; c&#417; h&#7897;i s&#7869; &#273;&#432;&#7907;c th&#432;&#7903;ng.&rdquo;
</blockquote>

Ng&#432;&#7907;c l&#7841;i, Hougan c&#7843;nh b&aacute;o r&#7857;ng DATs &#273;i theo h&#432;&#7899;ng &ldquo;l&#432;&#7901;i bi&#7871;ng&rdquo; b&#7857;ng c&aacute;ch ch&#7881; gi&#7919; m&#7897;t t&agrave;i s&#7843;n ti&#7873;n m&atilde; h&oacute;a c&oacute; th&#7875; s&#7869; &#273;&#432;&#7907;c giao d&#7883;ch v&#7899;i gi&aacute; th&#7845;p h&#417;n so v&#7899;i gi&aacute; tr&#7883; n&#7855;m gi&#7919; c&#417; b&#7843;n c&#7911;a h&#7885;.
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
&ldquo;Cu&#7889;i c&ugrave;ng th&igrave; DATs c&#361;ng ch&#7881; l&agrave; c&ocirc;ng ty,&rdquo; &ocirc;ng n&oacute;i. &ldquo;C&aacute;c c&ocirc;ng ty t&#7889;t &#273;&#432;&#7907;c th&#432;&#7903;ng v&igrave; l&agrave;m t&#7889;t nh&#7919;ng &#273;i&#7873;u kh&oacute; kh&#259;n theo th&#7901;i gian. C&aacute;c c&ocirc;ng ty k&eacute;m hi&#7879;u qu&#7843; ho&#7863;c c&#7889; g&#7855;ng &#273;i con &#273;&#432;&#7901;ng d&#7877; d&agrave;ng &#273;&#7875; gi&agrave;u c&oacute; b&#7883; tr&#7915;ng ph&#7841;t.&rdquo;
</blockquote>

Nh&#7919;ng nh&#7853;n x&eacute;t c&#7911;a Hougan xu&#7845;t hi&#7879;n khi ng&agrave;nh DAT &#273;ang &#273;&#7889;i m&#7863;t v&#7899;i s&#7921; gi&aacute;m s&aacute;t ng&agrave;y c&agrave;ng t&#259;ng sau khi m&#7897;t <a href="https://vn.beincrypto.com/digital-asset-treasuries-are-collapsing-lost-confidence-triggers-market-sell-off/" target="_blank" rel="noreferrer noopener">s&#7921; s&#7909;t gi&#7843;m trong m&#7913;c gi&aacute; th&#7883; tr&#432;&#7901;ng cao h&#417;n</a> x&#7843;y ra. N&#7873;n t&#7843;ng d&#7919; li&#7879;u on-chain Artemis &#273;&atilde; b&aacute;o c&aacute;o r&#7857;ng tu&#7847;n n&agrave;y mNAV c&#7911;a c&aacute;c c&ocirc;ng ty DAT, &#273;o l&#432;&#7901;ng v&#7889;n th&#7883; tr&#432;&#7901;ng so v&#7899;i gi&aacute; tr&#7883; t&agrave;i s&#7843;n s&#7889;, &#273;&atilde; gi&#7843;m m&#7841;nh, v&#7899;i t&#7927; l&#7879; t&#7915;ng v&#432;&#7907;t qu&aacute; 25 gi&#7901; &#273;&atilde; h&#7897;i t&#7909; v&#7873; m&#7913;c 1.0.
<img style="height:400px;width:640px;"decoding="async" alt="mNAV by Digital Asset Treasury" class="wp-image-770187 lazy" loading="lazy" src="https://assets.beincrypto.com/img/56TfZ4Yn7xCWBDNQ1t76n8sjiE8=/smart/ce29b11c81f34213a2a205372531d2fb">mNAV by Digital Asset Treasury. Ngu&#7891;n: <a href="https://app.artemisanalytics.com/digital-asset-treasuries" target="_blank" rel="noreferrer noopener nofollow">Artemis</a>

Cu&#7897;c &#273;i&#7873;u ch&#7881;nh n&agrave;y di&#7877;n ra sau khi BeInCrypto &#273;&atilde; b&aacute;o c&aacute;o r&#7857;ng <a href="https://vn.beincrypto.com/metaplanet-bitcoin-bet-at-risk/" target="_blank" rel="noreferrer noopener">mNAV c&#7911;a Metaplanet gi&#7843;m xu&#7889;ng d&#432;&#7899;i m&#7913;c ngang gi&aacute; l&agrave; 0.99</a> d&ugrave; t&#259;ng tr&#432;&#7903;ng doanh thu m&#7841;nh m&#7869;.
K&#7875; t&#7915; &#273;&oacute;, Metaplanet &#273;&atilde; <a href="https://bitcointreasuries.net/public-companies/metaplanet" target="_blank" rel="noreferrer noopener nofollow">h&#7891;i ph&#7909;c</a>, nh&#432;ng xu h&#432;&#7899;ng r&#7897;ng l&#7899;n h&#417;n ph&#7843;n &aacute;nh s&#7921; thay &#273;&#7893;i c&#7911;a th&#7883; tr&#432;&#7901;ng &#273;&#7889;i v&#7899;i &#273;&#7883;nh gi&aacute; c&#7849;n tr&#7885;ng h&#417;n.
Trong b&#7889;i c&#7843;nh n&agrave;y, Hougan n&ecirc;u r&otilde; r&#7857;ng DATs ph&#7843;i ch&#7913;ng minh l&#7907;i th&#7871; ho&#7841;t &#273;&#7897;ng c&#7911;a m&igrave;nh &#273;&#7875; x&#7913;ng &#273;&aacute;ng v&#7899;i s&#7921; tin t&#432;&#7903;ng c&#7911;a nh&agrave; &#273;&#7847;u t&#432;. Trong m&#7897;t th&#7883; tr&#432;&#7901;ng ng&agrave;y c&agrave;ng si&#7871;t ch&#7863;t, th&#7921;c hi&#7879;n nh&#7919;ng &#273;i&#7873;u kh&oacute; kh&#259;n c&oacute; th&#7875; &#273;&#7883;nh h&igrave;nh nh&#7919;ng c&ocirc;ng ty t&agrave;i s&#7843;n s&#7889; n&agrave;o s&#7869; t&#7891;n t&#7841;i.