DAT mode's premium ultimately comes from where? This is quite interesting.

Logically speaking, if a company holds $1 worth of Bitcoin, its market cap should, at most, be worth $1, right? But in reality, many DAT companies operate long-term with a premium, sometimes soaring to 2x or even 5x.

The logic behind this isn't complicated—the market simply doesn't treat these companies as pure Bitcoin warehouses. More accurately, traders view them as a kind of hybrid financial product: they provide direct exposure like a spot Bitcoin ETF, come with leveraged attributes, and even carry implied option characteristics.

Let’s talk about the leverage part first. Many DAT companies increase their Bitcoin holdings through financing or issuing bonds, naturally forming an amplifier—when the coin price goes up, the company’s valuation is much more elastic than just holding coins. This kind of structural leverage is precisely what traditional spot ETFs can't offer.

So those premiums, to some extent, are paying for this "enhanced exposure."