What are DATs? Digital Asset Treasury companies (DATs) are public firms that raise equity or debt specifically to buy and hold cryptocurrencies (e.g. Bitcoin, Ethereum, Solana) on their balance sheets [1]. They offer investors a stock-based way to ride crypto prices without owning tokens directly.
Massive crypto hoards. Industry analyst Ryan Watkins estimates that DATs collectively control on the order of $100–120+ billion in crypto. For example, Watkins notes DATs hold about $105 billion of crypto, and the subset holding Bitcoin, Ether or Solana alone exceed $120 billion [2][3].
Rapid growth. Dozens of companies have adopted crypto-treasury models. By mid-2025 roughly 60+ non-crypto firms had announced Bitcoin or crypto treasury…
