DATs Raise $15B as Venture Deals Fall 56% 📉
Digital asset treasuries (DAT) have emerged as the dominant force in crypto funding, raising over $15B through August 2025.
> July alone accounted for $6.2B, the highest monthly total ever recorded.
> Companies announcing DAT strategies are seeing immediate market reactions.
> Lion Group’s $600M Hyperliquid treasury facility driving a 20% jump in its share price.
> Bitcoin is still the main reserve asset.
> However, Hyperliquid’s HYPE token has drawn $1.5B, showing growing appetite for altcoins.
In contrast, traditional venture deals have collapsed, dropping 56% year-over-year from 1,933 in 2024 to just 856 in 2025.
> Institutional players like DCG, Paradigm, and Galaxy are increasingly channeling funds into DATs, viewing them as a faster, more liquid path to crypto exposure than startup investments.
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