Digital Asset Treasury (DAT) companies are one of the most intriguing capital markets phenomena of this cycle.
They offer public equity exposure to crypto—mainly BTC & ETH, quickly spreading to long tail token—without the frictions of self-custody, tax, or regulatory hurdles. But are they here to stay?
We have participated as well, here are some quick thoughts
More 👇🧵
1/8 DATs are public companies that buy and hold digital assets as their core balance sheet strategy.
They’re not software firms or miners—but vehicles for crypto accumulation.
Pioneered by MicroStrategy ( @MicroStrategy ), now joined by @Metaplanet_JP (3350.T), @SemlerSci (SMLR), @sbet,
@BitMNR and others.
2/8 Why do DATs matter?
They solve problems for institutions that can’t hold crypto directly—offering access through equity.
And they offer flexible capital structures:
• Common equity
• Preferred shares
• Convertibles
That’s something no ETF or spot token can match.
3/8 DATs are also leverage capital markets:
Raise fiat via equity or debt → buy BTC/ETH → if shares trade above NAV, raise more → repeat.
This creates a reflexive flywheel, compounding treasury growth per share.
Key metric: BTC yield—how much BTC each share represents over time.
4/8, But it’s not risk-free.
DATs face:
• ⚙️ Operational risk (custody, compliance)
• 💸 Financial risk (leverage, dilution)
• 📉 Market risk (token drawdowns, NAV discounts)
Retail often enters at inflated prices—while institutional PIPE deals happen near 1x NAV and their cost price is way lower than the 1x NAV that Retail refers to.
5/8 Case in point: $SBET. @SharpLinkGaming
🚀 June 2: surges to $79 on $450M placement
📉 June 12: crashes to ~$9 after share registration
🔄 Bounces to $40, then settles near $19
PIPE investors entered at $6.15—still in profit even at $13 NAV. Retail? Often left holding the bag
6/8 What defines early winners?
🇯🇵 Jurisdiction: e.g. Japan's cheap debt helped Metaplanet, US's market depth helped Microstrategy
💰 Access to capital: raise above NAV
👔 Strong management: crypto + capital markets fluency
🧠 Productive treasury: staking, lending, governance
7/8 DATs are more than a bull market wrapper.
They reflect the convergence of:
• Crypto as a monetary revolution
• Public equities as a capital formation machine
Done right, they could become Grayscale 2.0—leaner, more crypto-native, and productive.
8/8 The future?
Some DATs will become validators, DAO voters, and protocol financiers. Others may collapse into zombie wrappers.
The investor’s job: separate opportunistic wrappers from long-term builders.
DATs aren’t going away—just evolving.
🔁 RT if you’re watching this trend.
Disclaimer: Views are my own. Not financial advice.
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