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

Under 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 hesitant about whether to "speculate on cryptocurrencies," a cryptocurrency revolution led by publicly traded companies is quietly unfolding on Wall Street.

By 2025, over 160 publicly traded 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.

Trump 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 establishing the "Strategic Bitcoin Reserve," recognizing Bitcoin as a national reserve asset.

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." This policy provides strong confidence support for corporate DAT strategies.

DAT Companies' Stock Prices Soar, Investors Rush In

Companies adopting the DAT strategy have seen remarkable stock performance:

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

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

2025 DAT Fundraising Exceeds Traditional Crypto VC

According to insights4.vc, as of August 2025, the funds raised by public and private companies through DAT strategies have exceeded $15 billion, far surpassing the $6-8 billion of traditional cryptocurrency venture capital.
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
• Solana reserves: Total value reaches $3.4 billion
• BitMine (BMNR) becomes the largest ETH holding company, holding approximately $500 million in Ethereum
• Hyperion DeFi (HYPD, formerly Eyenovia) focuses on the Hyperliquid ecosystem's HYPE token

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

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

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

This indicates 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 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 DAT strategies, neglecting core business

HashKey Capital CEO Deng Chao stated: "Companies with long-term strategic 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."

Conclusion: A Shift in Investment Paradigms for a New Era

From MicroStrategy's pioneering experiment to over 160 companies 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 traded companies' DAT holdings may become one of the most important investment themes of the next decade.

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

DAT Digital Asset Treasury Series Article - Part Two: Trump's Cryptocurrency New Policy: How Did Wall Street Shift from "Resistance" to "Embrace"?

About Digital Asset Treasury (DAT)

Digital Asset Treasury refers to a financial strategy where companies incorporate cryptocurrencies like Bitcoin and Ethereum into their balance sheets as long-term strategic reserve assets.

Unlike traditional cash and bonds, the DAT strategy aims to hedge against inflation, achieve asset diversification, and participate in blockchain ecosystem returns (such as staking, validating nodes, etc.).

Disclaimer: This article is for educational purposes only and does not constitute any investment advice. All trading carries risks, and cryptocurrencies and related contracts are highly volatile products. Please invest cautiously; the maximum potential loss may result from the complete loss of principal due to the collapse of an exchange. This article does not constitute any account opening advice; please carefully choose cryptocurrency exchanges with secure regulatory protections.

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