1. Introduction

2025 is set to be the inaugural year of the DAT explosion. An increasing number of listed companies are emulating the Strategy model by incorporating cryptocurrencies such as BTC, ETH, SOL, and BNB into their balance sheets as core reserves, continuously increasing their holdings through stock financing. This has led to a resonant rise in both cryptocurrency and stock prices: investors gain indirect long-term exposure to cryptocurrencies by purchasing these companies' stocks, while companies leverage stock price premiums to finance and acquire more digital assets, forming a self-reinforcing financial flywheel.

This article will analyze from three dimensions: first, systematically sorting out the logical framework and flywheel effect of DAT, explaining why a self-reinforcing cycle of "simultaneous rise of cryptocurrencies and stocks" can be achieved during a bull market; second, showcasing the practical differences and effects of various companies in emerging public chain tokens such as BTC, ETH, SOL, and BNB through case studies, revealing the strategic intentions and financing methods behind institutions; third, discussing the risks and challenges faced by DAT under tightening regulations, increasing market competition, and macroeconomic fluctuations, while looking forward to its potential evolution direction. The article aims to help investors understand how this emerging model affects cryptocurrency prices, stock prices, and capital market interactions, while revealing the risks hidden behind the flywheel effect. DAT is not only an asset allocation strategy at the corporate level but also a new bridge connecting the cryptocurrency and traditional financial markets, reshaping market narratives, altering capital flows, and gradually influencing the macro-level capital allocation logic.

2. The DAT Flywheel Effect: A Positive Cycle of Simultaneous Rise of Cryptocurrencies and Stocks

1. Definition and Growth Logic of DAT

DAT (Digital Asset Treasury) refers to listed companies, non-listed enterprises, or investment vehicles that strategically and long-term incorporate cryptocurrencies like Bitcoin and Ethereum into their balance sheets or equivalent holding vehicles, and amplify the intrinsic cryptocurrency exposure and capital efficiency per share through a closed loop of equity/bond financing → purchasing cryptocurrency spot → information disclosure and valuation reflection. Its essence is an asset allocation framework that connects "company equity" with "on-chain assets."

The core of the DAT model lies in a financial flywheel of "equity financing to purchase on-chain assets," which can self-reinforce in a bull market, achieving a mutual push of cryptocurrency and stock prices. This flywheel effect was first validated by Strategy founder Michael Saylor in 2020, with the basic logic as follows:

• Holding cryptocurrency: The company raises funds to buy large amounts of digital assets like BTC and ETH as primary reserves.

• Stock price premium rise: Due to providing convenient and compliant cryptocurrency exposure, the company's stock begins to trade at a price higher than its net asset value (NAV). Investors are willing to pay a premium for its stock, effectively recognizing the future appreciation potential of the cryptocurrency assets held by the company.

• Utilizing the premium for refinancing: The rising stock price grants the company further financing capabilities. The company can issue additional shares or low-interest convertible bonds at high prices to raise funds.

• Increasing cryptocurrency holdings: A significant portion of the newly raised funds is invested in acquiring more cryptocurrencies, expanding the reserve scale.

• Reinforcing the narrative cycle: The continuous growth in cryptocurrency holdings strengthens its market narrative as "cryptocurrency proxy stocks," further pushing up stock price premiums and creating conditions for the next round of financing.

2. Performance of the DAT Flywheel Effect

In a bull market, this cycle forms a strong positive feedback loop, known as the "infinite bullet" model: "buy cryptocurrency → cryptocurrency price rises → stock price rises → financing → buy cryptocurrency," repeating itself. This model allows investors to not only enjoy the benefits of rising cryptocurrency prices but also leverage their returns through stocks. For example, from 2023 to 2025, Bitcoin's price rose by approximately 110%, while Strategy's stock price increased by over 910% during the same period. Capital leverage and stock price premiums make DAT stocks' returns in a bull market far exceed those of direct cryptocurrency holdings.

• Strategy's BTC treasury strategy: Since adopting the Bitcoin treasury strategy, Strategy's stock price has surged over 2200% in five years. The company's Bitcoin holdings have grown from zero in 2020 to 639,835 BTC, valued at over $73 billion. This makes it the publicly listed company with the largest Bitcoin holdings globally, driving its market value far beyond its original software business value.

• BitMine's ETH treasury strategy: The U.S. listed company BitMine launched its Ethereum treasury strategy in 2025, and within just one month, its stock price soared over 110%. Approximately 60% of the increase was attributed to the surge in per-share cryptocurrency holdings (+330%), 20% from the rise in ETH price (from $2500 to $4300), and another 20% from the expansion of mNAV premiums.

DAT has become an important buying force in the cryptocurrency market. According to research data from Coinbase, DAT companies focused on Bitcoin collectively hold over 1 million BTC, accounting for about 5% of the circulating supply; DAT companies focused on Ethereum hold approximately 4.9 million ETH, about 4% of the circulating supply. The total value of digital assets held by global DAT companies has exceeded $100 billion.

3. Overview of Typical DAT Strategies: From BTC to Diversified Asset Allocation

As the DAT concept extends from Bitcoin to other sectors, various companies are developing diversified strategies around different types of cryptocurrency assets.

1. Bitcoin Treasury Pioneers: The Strategies of "HODLers"

Bitcoin is the first area where DAT has emerged. Strategy's gamble in 2020 laid the foundation for Bitcoin treasury, and many companies have since joined the ranks of "HODLing Bitcoin." According to the latest data from CoinGecko, there are currently 108 listed companies holding BTC, with a total holding of over 1 million BTC, accounting for 4.88% of the total BTC supply.

Source: https://www.coingecko.com/en/treasuries/bitcoin/

• Strategy: Since August 2020, Strategy has continuously invested its revenue and financing into Bitcoin, currently holding nearly 640,000 BTC, accounting for about 3% of the total supply. Strategy has raised funds through multiple rounds of stock/bond financing to buy BTC, achieving exponential growth in stock price and assets during the cryptocurrency bull market. Its success has proven the feasibility of BTC as a corporate reserve asset.

• Metaplanet: This Japanese former metaverse technology company transformed into a Bitcoin treasury company in April 2024, using BTC as a core reserve to hedge against risks such as the depreciation of the yen. As of September 25, 2025, Metaplanet holds 25,555 BTC, with an average purchase price of about $106,065. Its total cost of buying Bitcoin is approximately $2.71 billion, and its current market value has slightly appreciated. With its holding scale, Metaplanet has become the fifth-largest publicly listed company by BTC reserves globally. This achievement has also led to its stock price rising over 140% from the beginning of the year, with the company moving from a small-cap stock to a mid-cap stock and being included in the FTSE Japan Index.

• Mining companies like MARA and RIOT: U.S. Bitcoin mining companies such as Marathon Digital (MARA) and Riot Platforms (RIOT) are both mining stocks and treasury-like entities. They accumulate BTC through mining and typically prefer to hold BTC rather than sell all during bull markets. MARA and RIOT hold over 50,000 BTC and 19,000 BTC, respectively. The advantage of mining companies is that they can directly convert operational profits into HODLing, effectively using electricity costs to acquire Bitcoin. However, the stock prices of mining companies are also highly correlated with BTC prices, making them essentially a stock tool for investors to gain BTC exposure.

• Other followers: Many small-cap stocks in traditional industries have transformed into "cryptocurrency stocks" by purchasing large amounts of cryptocurrency. For example, Hong Kong Ming Cheng Group (NASDAQ: CREG), originally engaged in construction subcontracting, spent $483 million to purchase BTC in August 2025, announcing that it would incorporate digital assets into its core strategy, causing its stock price to soar.

It is worth noting that as the number of BTC treasury companies surges, the market's "scarcity premium" is declining. The early success of Strategy was due to its rarity, but now the story of "buying BTC to push up stock prices" is no longer novel. Under homogeneous competition, the mNAV premium relative to the net asset value of some BTC treasury companies is gradually converging.

2. The Rise of Ethereum Treasuries: From Reserve Assets to Yield Assets

2025 is regarded as the inaugural year for Ethereum treasuries. Prior to this, companies holding ETH often did so out of business necessity rather than strategic reserves. However, this year, several institutions have prominently incorporated ETH into their reserves and innovatively utilized Ethereum's staking yields to achieve a "HODLing for income" model. According to the latest data from CoinGecko, there are currently 12 listed companies holding ETH, with a total holding of over 3.78 million ETH, accounting for 3.13% of the total ETH supply.

Source: https://www.coingecko.com/en/treasuries/ethereum

• BioNexus: In March 2025, BioNexus, headquartered in Southeast Asia, announced that it would use ETH as its primary reserve asset, becoming the first publicly listed company to adopt an Ethereum treasury strategy. This move is seen as a landmark event, marking ETH's official entry into the corporate balance sheet era. Unlike companies like Coinbase that hold ETH for business needs, BioNexus clearly positions ETH as a strategic reserve and investment asset, signaling institutional recognition of ETH's value storage status.

• BitMine Immersion (BMNR): In mid-2025, BitMine announced a significant investment in ETH, aiming to hold 5% of the global ETH supply long-term. As of September 25, 2025, the company holds 2.416 million ETH, approximately 2% of the circulating supply. This scale makes it the largest ETH reserve holder globally. BitMine continuously expands its balance sheet through convertible bonds, stock issuance, and other means, using the "financing → buying cryptocurrency → valuation increase → refinancing" flywheel to drive simultaneous growth in stock prices and assets. Most of the ETH held by BitMine participates in on-chain staking to earn yields, converting Ethereum's productive attributes into company cash flow.

• SharpLink (SBET): SharpLink, a Nasdaq-listed sports betting technology company, actively transitioned to an ETH treasury in 2025. SharpLink utilizes an "ATM (at-the-market) small issuance" mechanism to finance almost weekly in the market and immediately discloses the scale of ETH purchases. It has cumulatively increased its holdings by over 830,000 ETH, with nearly 100% allocated to staking for Staking yields. This aggressive strategy not only results in significant unrealized gains on its balance sheet but also generates continuous cash returns. While some worry that its "full staking" increases exposure to on-chain protocol security and liquidity risks, supporters argue that this move transforms ETH into a productive asset, representing one of the best practices for DAT to enhance yields.

• BTCS Inc: U.S. blockchain company BTCS launched an "Ethereum dividend + loyalty reward" program, regularly distributing dividends to shareholders from its held ETH, while setting loyalty reward terms to encourage shareholders to transfer their stocks to designated registrars and hold them until early 2026 for additional ETH rewards. This way, investors not only receive cash and ETH dividends but also gain incentives for long-term holding. This initiative enhances shareholder stickiness and somewhat suppresses the borrowing and short-selling of stocks. Although the sustainability of "paying dividends with ETH" is still questioned, BTCS demonstrates the flexibility and creativity of DAT in financial engineering.

The rise of Ethereum treasuries indicates that the DAT model is evolving from passive HODLing to an active value-adding phase. Companies are no longer simply holding; they are beginning to explore staking, DeFi, and other methods to generate yields from on-chain assets, creating greater value for shareholders. For this reason, some analysts believe that ETH treasury companies have stronger advantages compared to BTC treasuries. During market downturns, the pressure on mNAV declines for ETH treasuries may be less than that for BTC treasuries due to staking yields.

3. The Solana Treasury Craze: Competition Under Massive Investment

In the second half of this year, Solana has become the focus of the DAT field. Following BTC and ETH, SOL is rapidly entering the institutional adoption fast lane: currently, nine listed companies have bet on SOL, with a total amount reaching $2.7 billion and total holdings exceeding 2.7 billion SOL, accounting for 2.47% of the total SOL supply.

Source: https://www.coingecko.com/en/treasuries/solana

• Forward Industries (FORD): Forward Industries, originally a company providing design/manufacturing solutions for medical and technology clients, officially switched to the narrative of "Solana Treasury Company" in September 2025. Its treasury strategy is supported by a $1.65 billion PIPE fund led by Galaxy Digital, Jump Crypto, and Multicoin, aiming to "build the world's largest Solana treasury," emphasizing on-chain execution and full staking to earn native yields; the company also disclosed plans to continuously supply ammunition through ATM (up to $4 billion) and explore tokenizing its stock on Solana.

• DeFi Development Corp. (DFDV): DFDV explicitly positions SOL as its main treasury asset, using "SPS (SOL per Share)" as the core metric for management and external communication; strategies include long-term holding + diversifying staking across multiple validators + building its own Solana validator nodes to earn fees and staking yields. Recently, it announced that newly purchased SOL would be held long-term and fully participate in staking.

• Upexi (NASDAQ: UPXI): Upexi, originally a multi-brand consumer goods company, has transitioned to a dual line of "SOL Treasury + Asset Management" since 2025: supplementing ammunition through PIPE/convertible bonds, purchasing SOL in large quantities and almost entirely participating in staking, while also locking in discounted SOL to enhance intrinsic yields, bringing in industry advisor Arthur Hayes to strengthen institutional communication.

• Sharps Technology (STSS): Sharps is a medical device company that announced in September 2025 the completion of its first SOL acquisition and officially adopted a digital asset treasury strategy, with SOL as its main asset, funded by recent PIPE; the company emphasizes regular disclosures and uses "capital market fundraising → holding SOL → earning on-chain yields" as its main management line.

• Sol Strategies (HODLF): Sol Strategies is a Canadian-listed investment and infrastructure company focused on the Solana ecosystem, aiming to increase SOL holdings and operate validators while disposing of non-core crypto assets, further aligning its positions towards SOL to match long-term strategies and node operations.

The Solana treasury craze reflects that institutional capital is turning its attention to more diverse public chain assets. SOL is becoming the third most favored asset by DAT companies after BTC and ETH. Compared to BTC and ETH, Solana's underlying technology performance is outstanding, and it has an active ecosystem, with institutions betting on its future growth potential and ecosystem expansion. In the short term, massive capital inflows have caused SOL prices to surge above $250 in August and September 2025. However, Solana treasury companies currently have a small base and lack validation, and their future performance remains to be observed. The success or failure of Solana treasuries may directly affect whether the chain can enter the ranks of truly mainstream assets.

4. Emerging Asset Treasuries: BNB, TRON, SUI, ENA, etc.

BNB has also begun to show signs of corporate treasury formation. On August 10, BNB Network Company (BNC) announced an investment of approximately $160 million to purchase 200,000 BNB tokens, becoming the largest corporate holder of BNB globally. Since then, it has made multiple purchases of BNB, aiming to hold 1% of the total BNB supply by the end of 2025, aspiring to become the "Strategy of BNB." Its total holdings have now increased to 418,888 BNB, worth approximately $368 million. The company's CEO David Namdar (former partner at Galaxy Digital) stated that BNC positions itself as the world's largest corporate holder of BNB and aims to deepen its participation in the Binance Smart Chain ecosystem through this move. BNC's stock price has also risen several times driven by this news, leading to an increase in its market value.

Some emerging public chain tokens and protocol tokens have also begun to see treasury companies emerging. Most of them are supported by project parties and top venture capital, entering the public market through "reverse mergers" or SPACs, followed by large-scale token accumulation: in June, the TRON Group achieved a listing channel in the U.S. stock market through a reverse merger with Nasdaq small-cap stock SRM Entertainment, subsequently renamed Tron Inc., providing funding sources and compliance vehicles for its future TRX treasury strategy. Mill City Ventures (MCVT) announced in July a $450 million private financing deal, with 98% of the raised funds used to purchase SUI tokens, transforming into a company with SUI as its main reserve asset. StablecoinX made large purchases of ENA tokens in September, leading the community to suspect it is an "ENA treasury company."

In summary, the DAT model is evolving from Bitcoin's solo performance to a diverse landscape of multiple chains and currencies. BTC treasuries remain dominant, ETH treasuries are catching up, SOL treasuries are expanding rapidly, and BNB and others are joining the fray. It is foreseeable that more cryptocurrency assets will be endowed with "treasury stories" in the future. For each asset, being locked up long-term by institutions undoubtedly enhances market confidence and the scarcity of chips; conversely, the asset's own prospects also determine how far the treasury strategy can go. If the underlying asset lacks intrinsic value or ecological support, mere HODLing may struggle to maintain investor recognition.

4. Risks and Challenges of the DAT Model

Although the DAT flywheel is powerful in a bull market, the cyclical risks and external challenges hidden behind this model cannot be ignored. The current development of DAT has entered a competitive phase, and the industry's elimination race has quietly begun. Major risk points include:

1. Regulatory scrutiny tightening financing restrictions: In early September 2025, the Nasdaq exchange suddenly strengthened its regulation of "cryptocurrency purchasing listed companies." The new rules require that if a listed company wishes to issue new shares to fund the purchase of cryptocurrencies, it must first submit it for shareholder vote approval. This measure aims to curb some companies from frequently using share issuance to finance HODLing and push up stock prices. Regulators are concerned that DAT could be used as a regulatory arbitrage tool, as the listing threshold for DAT is lower than that for ETFs while achieving similar effects. Nasdaq's new rules and the attention from agencies like the SEC mean that the DAT model will be more standardized in the future, but short-term declines in financing efficiency may slow the flywheel.

2. mNAV discount and sell-off risks: The market value to net asset value ratio (mNAV) of DAT companies is an indicator of their stock price relative to the net value of their cryptocurrency holdings. In a bull market, most DAT's mNAV is significantly above 1, indicating that investors are granting a premium for future growth. However, once the market reverses or confidence wavers, mNAV may quickly drop below 1, meaning the stock price falls below the value of the cryptocurrency assets on the books, leading to discounted trading. Since September, many DAT stock prices have significantly retreated, with mNAV collapsing simultaneously, and the market has begun to question whether these companies can continue to issue shares to buy cryptocurrencies. When companies trade at a long-term discount, management often faces immense pressure and may tend to sell underlying cryptocurrency assets to repurchase stocks, attempting to push the stock price back near its net value. If multiple DAT companies simultaneously engage in a sell-off, it could exert downward pressure on cryptocurrency prices, leading to a larger negative feedback loop.

3. Leverage and debt risks: To pursue rapid balance sheet expansion, DAT companies generally use high-leverage financing tools such as convertible bonds, short-term credit, and reverse mergers. In a bull market, this leverage amplifies returns without issue; however, during a cryptocurrency price crash, leverage can backfire and trigger a chain crisis. If the prices of underlying assets plummet, debt repayment and margin call clauses may be triggered, forcing companies to passively liquidate and sell cryptocurrencies to repay debts or avoid default. The scenarios of some cryptocurrency companies facing liquidation in 2022 could replay with DAT. This is especially true for those DAT companies that went public via SPACs or reverse mergers, which rely entirely on subsequent financing for survival; once the market financing window closes, cash flow will quickly dry up.

4. Homogeneous competition and niche coin risks: The surge in DAT companies this year has led to signs of market saturation. As similar companies flock in and the "scarcity premium" fades, DAT companies are beginning to face different fates. Those lacking strength and with similar strategies may struggle to maintain high valuations or even face elimination. In particular, DATs focusing on niche altcoins may find themselves without buyers once more compliant products like institutional ETFs emerge. The future performance of different types of DAT will depend on three major factors: financing capability, holding scale, and yield levels. Companies that struggle to finance, are small in scale, and lack staking yields may become targets for acquisition. In summary, the DAT sector is transitioning from wild growth to a survival of the fittest. Companies without differentiated strategies and meticulous execution will find it challenging to survive in PvP competition.

5. Macroeconomic and liquidity shocks: The DAT model connects traditional equity markets and cryptocurrency spot markets, but in extreme scenarios, it may also lead to a "double kill." If macro shocks such as global liquidity tightening or simultaneous declines in stocks and bonds occur, the stock prices of DAT companies and the prices of their held cryptocurrencies may decline simultaneously, amplifying each other. This is because investors tend to sell both risk asset stocks and cryptocurrencies during panic, putting DAT companies under dual selling pressure. Once multiple DAT companies concentrate their holdings and face tight funding chains, concentrated sell-offs are more likely to trigger a stampede, leading to severe volatility in the cryptocurrency market. As nodes of cross-market capital flow, DAT may exacerbate liquidity tightening during crises.

In conclusion, the DAT model is inherently characterized by high leverage and strong cyclical tendencies, soaring like a rocket in a bull market and free-falling in a bear market. The year 2025 will be a critical test period for the DAT story to transition from boom to stability. If in the first half of the year everyone was still immersed in the myth of the flywheel, in the second half, both regulation and the market are forcing this story back to reality—only those DAT companies with healthy financing structures, robust asset allocations, diversified operations, and compliance awareness can navigate through cycles.

5. Opportunities and Future Outlook for DAT Development

Despite facing numerous challenges, digital asset treasuries, as an innovative vehicle connecting traditional finance and the crypto economy, still have a promising future in the eyes of the industry. After regulated development and survival of the fittest, the DAT model is expected to bring new opportunities and profoundly impact the landscape of the cryptocurrency market:

1. A new bridge for traditional capital entry: DAT provides many traditional institutional investors who cannot directly hold cryptocurrencies with a regulated and convenient alternative channel. For example, some pension funds, insurance companies, and family offices are restricted by their charters from buying cryptocurrencies but can invest in NYSE/Nasdaq stocks. DAT companies allow them to indirectly gain exposure to cryptocurrency assets. With the advancement of cryptocurrency ETFs, the channels for institutions to enter the cryptocurrency market are becoming increasingly diverse, but DAT still holds unique appeal: active management + potential yield enhancement. ETFs passively hold assets, while DAT management can pursue returns exceeding mere asset holding through leverage, staking, and other strategies. This may lead some aggressive capital to prefer allocating to quality DAT stocks. In the long run, DAT may coexist with ETFs and trusts, jointly expanding the proportion of institutional capital allocated to cryptocurrency assets.

2. From passive HODLing to active management: Currently, most DAT still primarily adopt a "buy and hold" strategy. However, looking ahead, these companies may evolve into more proactive digital asset managers. For example: engaging in on-chain staking, lending, and market-making to increase asset yields; participating in DeFi and node operations to enhance ecological influence; or even venturing into the RWA field, mapping real-world assets onto the chain to enrich asset portfolios. In the future, we may see DAT companies issuing their own structured products, deeply binding with DeFi protocols, or even becoming the embryonic form of "on-chain banks."

3. Market impact: Accelerating the financialization and institutionalization of cryptocurrency assets: The DAT boom has directly driven up mainstream cryptocurrency prices. One of the key drivers of BTC and ETH prices this year has been the spot buying from DAT companies. On the other hand, DAT has also facilitated the financialization of the cryptocurrency market: stock market investors participate in cryptocurrency exposure through DAT, and on-chain assets become scarcer and more dispersed among institutions due to the treasury effect, potentially reducing volatility. Furthermore, the interaction between DAT and the derivatives market is also strengthening, with hedge funds specifically utilizing the premium and discount of DAT stocks for arbitrage trading or buying DAT stocks while selling futures to hedge. This has led traditional financial capital to become more deeply involved in the trading logic of the cryptocurrency market.

4. Long-term issues and potential development directions: Of course, for DAT to achieve long-lasting success, there are still some long-term issues to address: how to effectively manage private keys and ensure the security of on-chain assets; how to balance cryptocurrency holdings with the development of core business; how to maintain investor confidence during downturns in the cryptocurrency market; and whether future central bank digital currencies (CBDCs) and sovereign funds will hold cryptocurrencies in a manner similar to DAT, etc. The answers to these questions will gradually emerge in the coming years. If the industry enters a consolidation phase, it may give rise to a "crypto Berkshire" style holding group, holding various cryptocurrencies and related businesses. In such a scenario, the DAT sector will become more mature and stable, and its impact on the market will be even more profound.

Looking ahead, as a batch of quality DAT companies emerge, we will see closer connections between the crypto world and traditional finance. The price fluctuations of cryptocurrency assets will be partially influenced by the financial reports and shareholder behaviors of listed companies; conversely, a "cryptocurrency concept stock" sector will emerge in the traditional stock market, closely related to the trends in the cryptocurrency market. Investor education and market awareness will also be enhanced due to DAT; a direct example is that many stock investors have come to understand and recognize the value of Bitcoin through investing in Strategy. It can be said that DAT companies, to some extent, play the role of evangelists and value discoverers for cryptocurrency assets.

In 2025, DAT will transition from early experimentation to a competitive landscape, with opportunities and risks from the flywheel continuously intertwining. Looking to the future, only those participants who understand the essence of finance, strictly control risks, and embrace compliance will succeed in this new paradigm competition, leading the industry into the next stage. Regardless, the emergence of DAT has already declared the mainstream recognition of cryptocurrencies: from corporate financial reports to investment portfolios, cryptocurrency assets are unprecedentedly integrating into the economic landscape of the real world. The concept of cryptocurrency as a corporate reserve asset has taken root, and the DAT model is progressing through twists and turns, with its long-term impact being irreversible.

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