The rush to convert listed companies into crypto hoarders has reached such a fever pitch that even executives backing such deals are warning of potential fallout for digital-asset prices

“I think the collapse of a major DAT is going to set the dominoes in motion for this bull cycle to end,” said Akshat Vaidya, who as head of BitMEX co-founder Arthur Hayes’s family office Maelstrom has overseen investments in three companies that pivoted to crypto buying.