[Analyst: Digital Asset Treasury Companies May Evolve into Long-Term Economic Engines for Blockchain] According to CoinDesk, Ryan Watkins, co-founder of Syncracy Capital, pointed out that Digital Asset Treasury (DAT) companies may evolve from speculative entities into long-term economic engines for blockchain. Currently, DATs hold approximately $105 billion in mainstream assets such as Bitcoin and Ethereum, a scale underestimated by the market. Watkins believes that a few DATs will develop into integrated operators deeply involved in network construction, taking on responsibilities such as financing and governance. Controlling a large supply of tokens, their reserves are not only financial vaults but also tools to influence ecosystem policies. He cited examples such as Solana, where larger-scale staking can directly improve service quality or reduce user costs. Through staking, liquidity provision, and acquiring on-chain infrastructure, DATs can transform token reserves into productive assets. Successful DATs combine the permanent capital of closed-end funds, the balance sheet management of banks, and the growth philosophy of Berkshire Hathaway, with returns directly reflected in token appreciation. Watkins predicts that the first generation of DATs relying on financial engineering will be phased out, and the industry will undergo consolidation. The ultimate winners will need rigorous capital allocation and operational capabilities, reinvesting profits into token accumulation and ecosystem development. He concluded, 'Well-managed DATs could become the Berkshire Hathaway of the blockchain world.'