Is trading cryptocurrencies not as good as trading stocks? A global trend of "virtual asset reserves" is rising, and the listed company DAT's strategy has become a new focus of investment.

Original Author: Raysky

With the support of the Trump administration, American companies are increasingly incorporating Bitcoin and Ethereum into their balance sheets, with fundraising exceeding $15 billion in 2025.

While traditional investors are still hesitating whether to "speculate on cryptocurrencies," a cryptocurrency revolution led by publicly listed companies is quietly unfolding on Wall Street.

By 2025, over 160 publicly listed companies globally have adopted the "Digital Asset Treasury" (DAT) strategy, incorporating cryptocurrencies like Bitcoin and Ethereum into their corporate balance sheets, with a total holding value exceeding $240 billion[1].

Trump's Policies Boost DAT as a National Strategy

The turning point of this trend occurred in March 2025 when U.S. President Trump signed an executive order to officially establish the "Strategic Bitcoin Reserve," recognizing Bitcoin as a national reserve asset[2].

This move not only endorsed corporate DAT strategies but also elevated cryptocurrencies from "speculative tools" to "strategic assets."

According to a report by Latham & Watkins, the Trump administration clearly stated: "The Bitcoin held by the U.S. government will not be sold but will be held as a reserve asset for the long term"[3]. This policy provides strong confidence support for corporate DAT strategies.

DAT Companies' Stock Prices Soar, Investors Rush In

Companies adopting the DAT strategy have shown remarkable stock performance:

Strategy (formerly MicroStrategy): Stock price surged 2,461% over five years, far exceeding the S&P 500's 93.1% increase[4].
SharpLink Gaming (SBET): After announcing $425 million in fundraising in 2025, it became the largest publicly listed company holding ETH[5].
Sol Strategies (HODL/CYFRF): Secured $500 million in convertible bond financing, focusing on the Solana ecosystem[6].
Upexi (UPXI): Deployed $100 million to purchase SOL and began generating staking income[7].

These companies share a common trait: they view cryptocurrencies as long-term strategic assets rather than short-term speculative targets.

In 2025, DAT Fundraising Exceeds Traditional Crypto VC

According to insights4.vc, as of August 2025, the funds raised by public and private companies through the DAT strategy have exceeded $15 billion, far surpassing the $6-8 billion of traditional cryptocurrency venture capital[8].

This represents a key shift in crypto capital allocation: companies are choosing to hold cryptocurrencies directly rather than investing in crypto startups.

Not Just Bitcoin: Ethereum and Solana Become New Favorites

While Bitcoin remains the mainstream asset in DAT (total value $215 billion), other crypto assets are also rapidly rising:

Ethereum Reserves: Total value exceeds $23 billion[9].
Solana Reserves: Total value reaches $3.4 billion[10].
BitMine (BMNR) has become the largest ETH holding company, holding approximately $500 million in Ethereum[11].
Hyperion DeFi (HYPD, formerly Eyenovia) focuses on the Hyperliquid ecosystem's HYPE token[12].

Who is Participating in DAT? Industries Span Technology, Seafood, Gaming

Surprisingly, the DAT strategy is no longer limited to tech companies and has even expanded to traditional industries:

Nocera Inc. (NCRA): A company specializing in sustainable seafood and recirculating aquaculture systems, listed on NASDAQ in 2022.
GameStop (GME): Announced in March 2025 that it would incorporate Bitcoin into its reserves, leading to a significant stock price increase[13].
Tesla (TSLA): An early Bitcoin holder, currently holding over 11,000 BTC[14].

This shows that the DAT strategy has crossed industry boundaries, becoming a new option for corporate financial management.

Risks Remain, but the Trend is Clear

Although the DAT strategy presents significant opportunities, experts also remind investors to be aware of the risks:

Cryptocurrency Price Volatility: Bitcoin and Ethereum prices may still experience significant fluctuations.
Regulatory Uncertainty: Although supported by the Trump administration, future policies may change.
Dilution of Company Fundamentals: Some companies may become overly reliant on the DAT strategy, neglecting their core business.

HashKey Capital CEO Deng Chao stated: "Companies with long-term strategies for crypto reserves will be able to survive in any market; the key is to view crypto assets as long-term holdings rather than short-term trading tools"[15].

Conclusion: The Shift of Investment Paradigms in a New Era

From MicroStrategy's pioneering experiment to over 160 companies now following suit, the DAT strategy has evolved from a "crazy bet" to a "mainstream financial strategy."

In the context of clear support from the Trump administration and continuous inflow of institutional funds, publicly listed companies' DAT holdings may become one of the most important investment themes in the next decade.

For investors, this is not just a question of "stocks or cryptocurrencies," but a key issue in understanding how companies are reconstructing asset allocation logic in the digital economy era.

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