I believe Digital Asset Treasuries (DATs) will play a pivotal role in driving institutional adoption of crypto. Beyond stable coins and RWAs.
Here’s why: 👇
DATs are structured as acquisition vehicles that allow institutions to gain exposure to digital assets without directly holding or managing them, simplifying access to the crypto market.
Instead of building complex custody systems or navigating on-chain operations, institutions can simply acquire shares in a DAT giving them proportional ownership of the underlying crypto assets.
These companies actively manage their treasuries to increase the coins-per-share for investors. They may deploy strategies such as issuing equity when stock is above NAV, staking yield on defi protocols, mergers and acquisitions, or other yield-generating methods to grow their holdings.
This active management model sets DATs apart from passive holders, allowing them to outperform traditional investors who simply store crypto in their wallets
It’s basically the ETF model, but allows equity funds to have access to crypto without buying the crypto directly. Some funds aren't allowed to buy crypto assets directly but by buying shares in these DAT companies they gain exposure to this crypto.
Amongst existing DATs, Bitcoin, Ethereum, $Solana, $BNB, $TON $HyperLiquid, $Sui, and $TRON are the most popular.
The top Digital Asset Treasury firms command about $130 billion in crypto. The largest being Strategy (formerly MicroStrategy), which pioneered the crypto treasury strategy model as far back as 2020 and now holds over 631,460 BTC worth $72.64 billion.
As this structure matures, it will lower the barrier to entry for funds, corporates, and even governments to allocate capital into crypto safely, transparently, and compliant.
Here are some existing DATs you might want to check out:
Bitcoin
-Strategy Formerly MicroStrategy (MSTR)
-Marathon Digital Holdings, Inc (MARA)
-Metaplanet (MTPLF)
Ethereum DATs:
-SharpLink (SBET)
-BitMine Immersion Technologies (BMNR)
-The Ether Machine (ETHM)
Solana DATs
-Forward Industries (Nasdaq: FORD)
-DeFi Development Corp. (NASDAQ: DFDV)
-Sharps Technology, Inc., In
-Solana Company - a Digital Asset Treasury Company
TON & Hyperliquid DATs
-TON Strategy Co.
-Lion Group
-Hyperliquid Strategies Inc
Other DATs include:
Upexi, Inc (NASDAQ: UPXI), Brera Holdings PLC (Solmate), SOL Strategies Inc. Inc., Lion Group AirNet Technology Inc., DigitalX Limited (ASX:DCC), Torrent Capital Ltd, Neptune Digital Assets
As more companies adopt this model, DATs could become the bridge between traditional balance sheets and the crypto economy. I will be covering them extensively as they emerge and scale.
Here are the top ETH DATs today 👇