Digital Asset Treasury Companies: Wall Street’s Crypto Bet

Have you ever read a headline about publicly listed companies investing in cryptocurrency? Dubbed Digital Asset Treasury (DAT) companies, these firms rewrite corporate finance playbooks by holding cryptocurrencies, such as Bitcoin, on their balance sheets.  Crypto is no longer the domain of individual investors or hedge funds; it has now become part of boardroom strategy. This institutional sentiment shift is not just a trend, but a strategic move: corporations are increasingly treating Bitcoin and digital assets as long-term stores of value and even competitive differentiators. In today's article, we explore the following:

• What are digital asset treasury (DAT) companies?
• Which are the most popular DATs?
• The Financial Alchemy of DATs
• How DATs affect crypto staking

…and much more!

What is a Digital Asset Treasury (DAT) Company?

Unlike traditional firms, a Digital Asset Treasury (DAT) company allocates a portion of its corporate treasury reserves into digital currencies such as Bitcoin or Ethereum, showcasing a unique approach to investment. Unlike crypto-native firms, DATs trade on the New York Stock Exchange or other global exchanges.  For many DATs, these companies operated in other industries. However, they have chosen to focus on crypto as part of their new operations. For instance, you may have heard of Strategy (formerly Microstrategy). Michael Saylor founded the company in 1989 as a software company. Around 2020, the company’s shares were traded as a Bitcoin proxy due to their enormous exposure to crypto. Other DATs maintain a smaller exposure to crypto relative to their other assets. These companies maintain regular non-crypto operations but hold crypto to diversify exposure. For example, Tesla and Figma both hold Bitcoin on their balance sheets, but both companies operate in the Electric Vehicle and Software Design industries, respectively.

The Most Popular DATs and Their Holdings

Hundreds of corporations own cryptocurrency on their balance sheets.   Bitcoin Treasuries tracks every publicly listed corporation holding Bitcoin. As of the time of writing, nearly 200 companies own Bitcoin. The list excludes companies storing Ethereum, Dogecoin, and other cryptocurrencies.

Here’s a short list of the most popular companies with crypto exposure:

• Strategy: The poster child of DATs. As of September 2025, it holds over 639,000 BTC (~$71.5 billion), the largest corporate treasury stash of Bitcoin in the world.
• Tesla: Elon Musk’s company famously bought $1.5 billion worth of BTC in 2021. While it later sold part of its position, Tesla remains a major corporate holder.
• Metaplanet: The Japanese-listed company aims to duplicate Strategy. It is the largest non-American DAT.
• BitMine: The biggest Ethereum digital asset treasury. Led by money manager Tom Lee, the company holds 2% of the ETH supply.
• Forward Industries: The most notable Solana DAT. Galaxy Digital, Multicoin Capital, and Jump banded together to form the company.

What Type of Cryptocurrencies Do DATs Acquire?

Most DATs focus heavily on Bitcoin, treating it as “digital gold.” As the longest and most successful crypto, Bitcoin stands as a scarce, non-sovereign, inflation-resistant asset. Bitcoin’s fixed supply of 21 million coins makes it attractive for long-term treasury preservation. Some younger DATs, however, have diversified into other assets:

• Ethereum (ETH): Viewed as the “programmable money” powering smart contracts and decentralized finance (DeFi).
• Other strategic crypto assets: Corporations may explore Solana (SOL), Worldcoin (WLD), or other networks aligned with their interests.
• Memecoins: As strange as it sounds, yes, some DATs acquire memecoins. CleanCore aims to acquire 1 billion DOGE. These DATs may be acquiring memecoins primarily for the price upside. 

By and large, Bitcoin remains the crown jewel of digital asset treasuries.

Financial Alchemy Meets Bitcoin

When Strategy first entered Bitcoin, it wasn’t just about “buying and holding.”  Michael Saylor effectively transformed the company into a proxy Bitcoin exchange-traded fund (ETF) by utilizing its balance sheet as a vehicle for Bitcoin acquisitions. Here’s how the “financial alchemy” works:

Important Metrics:

• Enterprise Value: The market capitalization of Strategy’s shares less cash balances.
• BTC Holdings: The market value of Strategy’s Bitcoin stack, computed by multiplying its BTC holdings by the current BTC price.
• Bitcoin Market NAV (mNAV): Investors started valuing the company based on a new lens, heavily tied to the market value of its Bitcoin stack. Derived by dividing the Enterprise Value by BTC Holdings.

When Bitcoin’s price rose, Strategy’s mNAV increased significantly, as investors were willing to pay a premium for its Bitcoin holdings.

The Playbook

Given the above, Strategy employs a series of methods to raise funds for purchasing Bitcoin.   The company can issue debt by selling convertible notes and bonds to raise capital, and then use the proceeds to purchase Bitcoin. It can also issue new shares, effectively using investor demand for Bitcoin exposure to fund further purchases.

The Alchemy

A dollar raised via debt or equity could be leveraged into a dollar or more of Bitcoin Holdings, as long as BTC appreciates. Investors wanting Bitcoin exposure without custody risk treated MSTR as a publicly traded Bitcoin vehicle, paying a premium over its BTC NAV. The above creates a feedback loop: higher Bitcoin → higher mNAV → higher MSTR stock → easier to issue more debt/equity → more Bitcoin purchases.  

How do DATs Affect Crypto Staking?

Every company aims to maximize returns from its cryptocurrency holdings. For DATs that acquire Proof-of-Stake (PoS) crypto like Ethereum, the answer lies in crypto staking.     SharpLink Gaming, the second-largest ETH DAT, publishes monthly reports on its ETH holdings and staking rewards. In its August 2025 report, SharpLink reported 2,318 ETH worth of staking rewards since the start of operations in June 2025. For the staking industry, this increased institutional adoption signals a shift in sentiment. Staking isn’t just for crypto natives; it’s for everyone who wants to get extra yield on their crypto assets. And every day, investors who want to gain similar exposure can simply purchase the publicly listed companies that are staking their holdings.

Frequently Asked Questions

What is DAT in Crypto?

A Digital Asset Treasury (DAT) company is a publicly listed firm that allocates a portion of its corporate reserves to cryptocurrencies, such as Bitcoin or Ethereum.

What is the Point of a Digital Asset Treasury Company?

DATs utilize crypto as a strategic asset, either as a long-term store of value, a hedge against inflation, or a means to provide investors with indirect exposure to digital assets.

Are ETH Treasury Companies Staking Digital Assets?

Yes, several ETH-focused DATs stake their holdings to earn additional rewards, with firms like SharpLink Gaming reporting regular staking yields.

What are Some Examples of Digital Asset Treasuries?

Popular DATs include MicroStrategy (Bitcoin), Tesla (Bitcoin), Metaplanet (Bitcoin), BitMine (Ethereum), and Forward Industries (Solana).  

Closing Thoughts on DATs

Digital Asset Treasury companies represent the intersection of Wall Street and cryptocurrency innovation. By holding Bitcoin and other digital assets, these firms have reshaped corporate strategy, whether through MicroStrategy’s financial engineering, Tesla’s bold balance-sheet move, or Metaplanet’s regional leadership. As more DATs experiment with Proof-of-Stake assets and staking rewards, they may become not just passive holders but active participants in crypto ecosystems.  For investors, watching DATs is no longer optional; it’s essential to understanding how institutions are shaping digital finance and how you can participate.  

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