I believe Bitcoin treasury companies will become the most valuable businesses in the world across every major capital market - and I’m focused on The Smarter Web Company becoming one of the largest publicly listed companies in the UK.
Andrew Webley (CEO, The Smarter Web Company)
A Digital Asset Treasury (DAT) is a public company that treats crypto like its main savings asset. Instead of focusing on making products, many DATs raise money (by selling shares or taking on debt) and use that money to buy and hold Bitcoin, Ethereum, or other coins. People then buy the company’s stock to get crypto exposure in a normal brokerage account.
In 2025, DATs stood out because the strategy spread fast. Some firms tried to copy the “buy and hold” playbook, while others pushed for more active plans to earn yield or manage risk.
Origin and Background
The DAT model grew in popularity after Strategy (formerly MicroStrategy) made Bitcoin a core part of its treasury strategy. By 2025, many other public companies jumped in, trying to do the same thing with BTC and other assets. However, the DAT strategy seemed to crash as the year went on.
Key Highlights
- DAT companies raise money through stock or debt and use it to buy digital assets.
- One common version is simple: raise money, buy crypto, and hold it long term.
- A newer version tries to do more than hold, like earning yield, actively managing tokens, or hedging in down markets.
- The boom came with real downside risk, including big drops in many DAT-related stocks after the hype cooled.
- Traditional market gatekeepers started paying attention, including debates about how these firms should be treated in major stock indexes.
Impact on the Industry (2025)
In 2025, DATs became one of crypto’s biggest corporate trends. More than 200 public companies adopted DAT strategies during the year, but many later fell sharply as conditions changed.
Looking Ahead (2026 and Beyond)
DATs will likely split into two lanes: “simple holders” and “active treasuries” that try to prove they can earn real returns or support real networks. To last, these models will need clearer reporting, safer funding, and plans that still work when crypto prices drop.
