The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu The leading online blog in the fields of corporate governance and financial regulation. Mon, 14 Sep 2026 11:32:12 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.10 https://corpgov.law.harvard.edu/wp-content/uploads/2024/02/cropped-photography-4-e1706898544564-1-32x32.png DATs and Crypto-Pivot Companies: Understanding and Mitigating Shareholder Activism Risks – The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu 32 32 DATs and Crypto-Pivot Companies: Understanding and Mitigating Shareholder Activism Risks https://corpgov.law.harvard.edu/2026/09/14/dats-and-crypto-pivot-companies-understanding-and-mitigating-shareholder-activism-risks/?utm_source=rss&utm_medium=rss&utm_campaign=dats-and-crypto-pivot-companies-understanding-and-mitigating-shareholder-activism-risks https://corpgov.law.harvard.edu/2026/09/14/dats-and-crypto-pivot-companies-understanding-and-mitigating-shareholder-activism-risks/#respond Mon, 14 Sep 2026 11:30:13 +0000 https://corpgov.law.harvard.edu/?p=183802?d=20260911144412EDT Posted by Leonard Wood, Daniel Roeser, and Karen Ubell, Goodwin Procter LLP, on Monday, September 14, 2026
Editor's Note:

Leonard Wood is Chair of the Shareholder Activism and Takeover Defense Practice, Daniel Roeser is a Partner in the Securities Litigation and White Collar Defense groups, and Karen Ubell is Co-Chair, Digital Currency & Blockchain at Goodwin Procter LLP. This post is based on their Goodwin memorandum.

The emergence of digital asset treasury companies (“DATs”) and crypto-pivot companies – public companies that have repositioned all or a substantial portion of their corporate strategy around the acquisition, accumulation, and management of digital assets – has introduced a new and rapidly evolving sector of public companies to the market. Since the beginning of 2025, a growing number of public companies have adopted some version of the playbook: reposition legacy businesses around digital asset treasury strategies; accumulate digital assets on the balance sheet; and, in some cases, deploy digital assets to generate returns through staking,[1]  lending, protocol participation, and related activities. Early DATs and crypto-pivot companies attracted substantial institutional and retail capital because their stocks traded at a significant premium to the market values of their accumulated digital assets (i.e., their net asset value or “NAV”).

(more…)

]]> https://corpgov.law.harvard.edu/2026/09/14/dats-and-crypto-pivot-companies-understanding-and-mitigating-shareholder-activism-risks/feed/ 0