Digital asset treasuries have become one of the most prominent features of the current crypto bull market. So-called DATs are businesses that acquire a hoard of a given cryptocurrency, from Bitcoin to Dogecoin, and seek to operate a publicly-traded vehicle that provides sell exposure to those assets in the form of shares. But with the number of projects ballooning, critics have warned that digital asset treasuries, or DATs, could be the latest crash in the rollercoaster sector.
The Digital Asset Treasury (DAT) strategy has moved from an experiment to a consensus playbook for public companies seeking balance-sheet exposure. Digital Asset Treasuries are listed companies that accumulate tokens as treasury assets, using the stock market's financing power to steadily increase onchain holdings. In its half-year report, HTX research breaks down how the DAT strategy has become the industry standard, how perpetual aggregators ballooned, how stablecoins remain a dominant narrative, and more.
That even a crypto CEO would say that his industry is headed for a potential crash speaks to the frothiness in the crypto markets over the past year. Since January, Bitcoin has repeatedly notched all-time highs and the total market capitalization of all cryptocurrencies has crossed the $4 trillion for the first time. That's not to mention blockbuster IPOs from the stablecoin issuer Circle and the crypto exchange Bullish.