David Duong raises questions about the future of Digital Asset Treasuries (DATs) following a turbulent year in 2025, marked by a significant drop in market net asset values (mNAVs) during the fourth quarter. The initial excitement around DATs, which expanded the buyer base, shifted towards consolidation as market valuations faltered. Duong believes that while the DAT model faced challenges, there’s potential for a revamped version, referred to as "DAT 2.0." This new approach could prioritize professional trading and the management of block space, instead of merely focusing on buy-and-hold strategies. He argues that recognizing block space as a critical commodity will be essential for the digital economy. This shift would require a nuanced understanding of the risks associated with block space, particularly its cyclical nature. Duong emphasizes the importance of clearer regulations to foster institutional adoption of these new frameworks. He points to ongoing regulatory developments in the U.S. as transformative for financial markets, facilitating the integration of blockchain technology into various applications, including stablecoin payments and financial transaction tokenization. As financial infrastructures increasingly merge with cryptocurrency, Duong suggests that new DATs, similar to traditional commodities markets, are likely to emerge. This evolution could redefine how digital assets are traded and managed, further embedding them in the broader financial system.