Digital asset treasuries have become one of the most prominent features of the current crypto bull market. So-called DATs are businesses that acquire a hoard of a given cryptocurrency, from Bitcoin to Dogecoin, and seek to operate a publicly-traded vehicle that provides sell exposure to those assets in the form of shares. But with the number of projects ballooning, critics have warned that digital asset treasuries, or DATs, could be the latest crash in the rollercoaster sector. In the latest episode of Fortune ’s Crypto Playbook (which you can find on Spotify , Apple , and YouTube ), Tom Lee, the longtime analyst and chairman of the leading DAT BitMine, said that the bubble might already have burst.

Lee first learned about Bitcoin while serving as the chief strategist at JPMorga

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