Digital asset treasuries, or DATs, turned into one of the hottest trends in the public markets in 2025, as share prices skyrocketed and everyone from Peter Thiel to the Trump family piled in. What began though as one of the best trades in the stock market has, in a matter of months, turned into one of the worst. Strive CEO Matt Cole joins "Bloomberg Crypto" to discuss the recent decline in digital asset treasury (DAT) stocks, the rapid growth of DATs in 2025 and the controversy surrounding MSCI. Cole speaks to Bloomberg's Scarlet Fu and Katie Greifeld.