Key Takeaways
- Several new DAT firms have been created or made their first acquisitions this week.
- Publicly traded BTC treasury firms hold over 1.03 million BTC combined.
- Bitcoin, Ethereum, Solana, and Ripple are currently the most popular cryptos amongst DATs.
The digital asset treasury (DAT) race is the latest phenomenon in crypto, and it is spreading like wildfire amongst institutions and investors who are eagerly and rapidly acquiring as much crypto as they can.
Despite the market’s $1.7 billion liquidation event, institutions are maintaining their confidence in crypto with huge investments. Though it’s done little to move the needle on the crypto markets.
The Treasury Business
Major purchases have come from several firms so far this week. On Monday, asset manager Strive purchased DAT and medical tech firm, Semler Scientific. Once merged, Strive’s treasury will hold 10,906 BTC.
Ethereum-focused DAT BitMine also increased its ETH stash to 2.4 million ETH worth over $10 billion, which represents more than 2% of the token’s total supply.
Also today, Fragmetric Labs and DeFi Development Corp. announced that they’d be launching the first Solana DAT in South Korea via the acquisition of an unnamed publicly listed firm in Korea.
Helius Medical Technologies has also joined the competition on Monday with its first acquisition of Solana, of which it now holds over 760,190 SOL worth around $166 million.
It’s becoming a sector of its own. As evidenced by Singapore-headquartered Amber International Holding Limited, which announced its bid to join the race, but instead provides infrastructure solutions for DATs.
Crypto Stalls
Curiously, all this bullish momentum and billions of dollars have resulted in little upside for the crypto markets, which, following the massive liquidations and volatility over the past 48 hours, have found some stability.
However, the upwards momentum that typically follows massive inflows of capital into crypto remains quite subdued.
Although there have been some considerable altcoin rallies, markets, especially in the U.S., are likely waiting to see what the Federal Reserve’s Jerome Powell will say/announce this Wednesday, ahead of crucial inflation data that is due to be published on Friday.
This could sway market momentum one way or the other.
Seemingly, many, including a growing list of digital asset treasuries, are betting on a positive outlook, which arrives just in time for crypto’s best-performing month, October, aka “Uptober”.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
