The report discusses the proliferation of cryptoasset treasury strategies in public markets, categorizing companies into mining companies, pure-play DATCos, and companies with crypto reserves. It highlights the significant growth in DATCos and their Bitcoin and Ethereum holdings, with Strategy leading in Bitcoin accumulation and Bitmine Immersion leading in Ethereum. The report also touches on the risks and downsides of equity-based fundraising and the importance of mNAV as a metric for pure-play DATCos. The analysis suggests that while Bitcoin's dominance has waned, altcoins may outperform BTC in a potential upcoming rally. The report also notes the mixed performance of mining stocks and the challenges faced by companies relying solely on equity-based fundraising.