According to @JasonSoraVC, allocating $300 million to an unproven management team mirrors the excesses of 2017 ICOs and should be avoided. According to @JasonSoraVC, so-called DATs are described as another ICO-style fundraising mechanism that poses high risk to capital allocators. According to @JasonSoraVC, traders should stay away from DAT offerings and avoid committing large sums without proven execution history. According to @JasonSoraVC, this stance prioritizes strict due diligence and capital preservation when evaluating DAT-related deals.

According to Jason Fang (@JasonSoraVC), a wave of new Bitcoin (BTC) treasury companies may attempt to raise funds despite having zero Bitcoin track record, and he urges investors to think twice before allocating capital (source: Jason Fang, X post, Aug 20, 2025). For traders, the warning highlights heightened counterparty and operational risk when evaluating BTC-linked treasury vehicles without proven history or controls (source: Jason Fang, X post, Aug 20, 2025). Actionable checks before participating in any BTC treasury fundraising he cautions about: verify a verifiable Bitcoin track record, demand independent audits plus custody clarity, and require on-chain proof-of-reserves to validate holdings (source: Jason Fang, X post, Aug 20, 2025).