CoinDesk
Sep 28, 2025
6 0

Crypto Treasury Firms Hold $105 Billion, May Evolve into Economic Engines

Ryan Watkins, Syncracy Capital co-founder, suggests that crypto treasury firms could transition from speculative entities to long-term economic drivers for blockchains.

  • Digital asset treasury (DAT) firms are publicly traded companies managing crypto assets, currently holding around $105 billion in major tokens like Bitcoin and Ethereum.
  • Watkins envisions some DATs evolving into robust operators financing and governing their respective networks.

Beyond Speculation

  • Current focus on trading dynamics overlooks the potential of DATs as policy and product drivers within ecosystems.
  • Examples include Solana and Hyperliquid, where staking can enhance transaction efficiency and fee structures.
  • Access to large pools of native assets helps businesses expand.

Programmable Money and Productive Balance Sheets

  • Unlike MicroStrategy’s Bitcoin-focused strategy, DATs with tokens like SOL and HYPE utilize programmable platforms for staking, liquidity, lending, and governance.
  • DATs resemble a hybrid of closed-end funds, banks, and Berkshire Hathaway, focusing on returns in crypto per share.
  • They leverage tools like common equity and convertibles for flexible balance sheet expansion.

Winners and Risks

  • Not all DATs will succeed; many early models may fail as market conditions change.
  • Surviving DATs will likely prioritize disciplined capital allocation and ecosystem development.
  • Successful firms might become akin to "Berkshire Hathaways" of their blockchain networks.