Should you trade crypto or stocks? Global surge in "digital asset reserves" sees listed companies adopting the DAT strategy as the new investment trend
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Should you trade crypto or stocks? Global surge in "digital asset reserves" sees listed companies adopting the DAT strategy as the new investment trend
Investors are shifting from directly trading cryptocurrencies to investing in public companies that hold digital assets, a trend that, with support from the Trump administration, has evolved from a "wild gamble" into a mainstream financial strategy.
Navigating Web3 tides with focused insightsWith Support from the Trump Administration, U.S. Companies Are Adding Bitcoin and Ethereum to Balance Sheets, Raising Over $15 Billion in 2025
While traditional investors hesitate over whether to "trade crypto," a cryptocurrency revolution led by public companies is quietly unfolding on Wall Street.
In 2025, more than 160 public companies worldwide have adopted a "Digital Asset Treasury" (DAT) strategy, adding cryptocurrencies such as Bitcoin and Ethereum to their corporate balance sheets, with total holdings surpassing $240 billion.
Trump Policy Boosts DAT into National Strategy
The turning point came in March 2025, when President Donald Trump signed an executive order establishing a "Strategic Bitcoin Reserve," treating Bitcoin as a national reserve asset.
This move not only endorses corporate DAT strategies but also elevates cryptocurrencies from "speculative tools" to "strategic assets."
According to the Latham & Watkins report, the Trump administration explicitly stated: "The U.S. government will not sell its Bitcoin holdings, but instead hold them long-term as reserve assets." This policy provides strong confidence for corporate DAT adoption.
DAT Company Stocks Surge, Investors Rush In
Stock performance of companies adopting DAT has been remarkable:
- Strategy (formerly MicroStrategy): Share price surged 2,461% over five years, far exceeding the S&P 500's 93.1%
- SharpLink Gaming (SBET): After announcing a $425 million fundraising in 2025, became the largest publicly traded ETH holder globally
- Sol Strategies (HODL/CYFRF): Secured $500 million in convertible bond financing, focused on the Solana ecosystem
- Upexi (UPXI): Deployed $100 million to purchase SOL and began generating staking yields
These companies share one key trait: they view cryptocurrencies as long-term strategic assets, not short-term speculative instruments.
In 2025, DAT Fundraising Surpasses Traditional Crypto VC
According to insights4.vc, by August 2025, public and private companies had raised over $15 billion through DAT strategies, significantly exceeding traditional cryptocurrency venture capital funding of $6–8 billion.
This marks a pivotal shift in crypto capital allocation: corporations are choosing direct crypto ownership over investing in crypto startups.
Not Just Bitcoin: Ethereum and Solana Gain Favor
While Bitcoin remains dominant in DAT (total value $215 billion), other crypto assets are 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 HYPE token within the Hyperliquid ecosystem
Who’s Participating in DAT? Industries Span Tech, Aquaculture, and Gaming
Surprisingly, DAT strategies are no longer limited to tech firms and have expanded into traditional sectors:
- Nocera Inc. (NCRA): Sustainable seafood and recirculating aquaculture systems company, listed on Nasdaq in 2022
- GameStop (GME): Stock soared after announcing Bitcoin adoption in March 2025
- Tesla (TSLA): Early Bitcoin adopter, currently holds over 11,000 BTC
Risks Remain, But the Trend Is Clear
Despite the significant opportunities offered by DAT, experts caution investors about risks:
- Crypto price volatility: Bitcoin and Ethereum prices may still experience sharp fluctuations
- Regulatory uncertainty: Although supported by the Trump administration, future policy shifts remain possible
- Dilution of core fundamentals: Some companies may rely too heavily on DAT, neglecting their primary businesses
Deng Chao, CEO of HashKey Capital, said: "Companies with long-term crypto reserve strategies can survive in any market environment. The key is treating digital assets as long-term holdings, not short-term trading tools."
Conclusion: A Paradigm Shift in Investment
From MicroStrategy's pioneering experiment to over 160 companies now following suit, the DAT strategy has evolved from a "wild gamble" into a "mainstream financial strategy."
With clear support from the Trump administration and sustained institutional inflows, public company DAT holdings could become one of the most important investment themes of the next decade.
For investors, this is no longer simply a choice between "stocks or crypto," but a crucial opportunity to understand how companies are redefining asset allocation logic in the digital economy era.
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