DATs have become a popular way for institutional investors to gain exposure to cryptocurrencies without directly buying and managing them. These treasuries allow companies to accumulate digital assets, such as Bitcoin, and create a leveraged bet that can amplify returns. The growth of DATs has created a new layer in the crypto investment stack.
The increase in demand for DATs has led to a surge in corporate adoption, with 76 new treasuries launching in 2025 alone. This wave of adoption pushed the combined crypto holdings of these entities past $100 billion. Peak months saw inflows exceeding $23 billion, making May's $2.19 billion look relatively modest.
The growth of DATs presents both opportunities and challenges for investors. On the one hand, DATs can trade at a premium to their net asset value, allowing investors to profit from the company's strategy and ability to raise capital. However, this premium can compress, leading to paper losses for investors who bought in at peak prices.