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Alec Wilson
How Companies Can Lead, Differentiate, and Earn Investor Trust in the Next Phase of DATs
2025 has been the year digital asset treasuries (DATs) shifted from a novel concept into a mainstream capital markets strategy. Nearly four years after MicroStrategy (now Strategy Inc. (Nasdaq: MSTR) set the template, dozens of companies have followed, turning public equities into wrappers for Bitcoin, Ethereum, Solana, and other tokens. Blockworks’ Treasury Companies dashboard shows the cumulative number of digital asset treasury companies, or DATCOs, climbing steadily through the spring and summer. Regulatory tailwinds following the Trump election (i.e., the Genius Act) and renewed retail appetite for crypto-related stocks added fuel to the DAT fire.
But as 2025 winds down, the competition for investor attention is fierce. DAT announcements now come almost daily creating noise, fragmentation, and a scramble for visibility. In earlier cycles, a handful of names concentrated investor focus and amplified market reactions. Today, investors are spread thin, premiums have compressed, and novelty has given way to scrutiny.
Blockworks’ data also shows how market-to-NAV, or mNAV, premiums have compressed across the group, including Strategy Inc. itself. The message is clear: the easy, early chapters of the DAT story are over.
DATs appeal to investors because they offer an accessible, regulated wrapper for crypto exposure. For many institutions, direct crypto ownership remains messy—mandates prohibit it, custody infrastructure is lacking, or compliance officers simply won’t sign off. DATs solve this by packaging digital assets inside a public equity structure with SEC oversight, disclosures, and investor protections. For many institutions, this is the only viable way to participate in crypto.
The basic playbook is simple: raise capital → buy crypto→ if shares trade at a premium to holdings, raise again at higher prices and accumulate more crypto. When mNAV > 1, each unit of stock issued buys more than a unit of crypto, making successive raises efficient and accretive. This was the loop introduced by Strategy Inc.
Think of it like getting two scoops of ice cream for the price of one. When shares trade at a premium, every raise buys more crypto than the money itself should allow. But when the premium melts, the flywheel grinds down. Some DAT stocks are now trading at a discount to NAV, impairing their ability to raise capital and slowing growth.
Newer DAT strategies look beyond simple accumulation. ETH can generate yield through staking, while other networks and DeFi platforms offer additional opportunities. As long as costs are controlled, yield strategies can support premiums. But nothing comes without a cost—yield carries counterparty, operational, and cyber risk.
DAT announcements whether first purchase disclosures, new shelf filings, or rebrands still spark trading surges. But that energy fades quickly. With dozens of DATCOs in play, investors rotate between names, chasing the next announcement pop. Event-driven trading now defines the space, raising the bar for companies that want long-term support.
DATs fill a real need: liquid, regulated equity exposure to crypto. They make crypto investable for institutions constrained by mandates. The strategy itself isn’t going away, but the novelty premium is gone. Investors now reward companies that demonstrate:
Management credibility, including who is on the board, who is steering strategy, and whether those leaders are trusted in crypto circles is becoming a key differentiator. Just as in small cap investing, the captain matters as much as the ship.
Grow holdings without reckless dilution. Raise equity only when premiums support it. Avoid expensive capital in weak demand cycles.
Explain why specific assets are chosen, how they tie to the broader business, and how success is measured on a per-share basis.
Strong boards and respected voices inside crypto can command a premium (think Michael Saylor, Tom Lee or Mike Novogratz).
Provide clarity on custody, counterparties, and downside scenarios. Weak or opaque practices erode trust.
Tokens-per-share, cash runway, realized vs. unrealized gains, disclosure cadence—these anchor valuation. New fair-value accounting rules make transparency even more critical.
The bar is higher than just a few months ago. Crypto holdings alone are not a strategy.
In short: you can’t “set it and forget it.” Investors want execution, not just exposure.
The novelty phase is over, and competition for mindshare is intensifying. That doesn’t mean the DAT model is broken, it means the market is maturing. mNAV premiums are tightening, and investor fatigue is real.
Announcements may still spark short-term pops, but long-termsupport will only come to those who combine capital markets discipline withclear, consistent investor communication.
The winners will be the companies that make digital assets aliving part of their strategy—and prove it quarter after quarter.
Contact us to learn more about how Gateway supports companies with investor communications and capital markets positioning in the digital asset space.
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