Currency speculation is not as good as stock speculation? The global boom in "virtual asset reserves" has set off a new investment strategy
With the support of the Trump administration, U.S. companies have included Bitcoin and Ethereum in their balance sheets, raising more than $15 billion in 2025
While traditional investors are still hesitating whether to "speculate", a cryptocurrency revolution led by listed companies is quietly unfolding on Wall Street.
By 2025, more than 160 listed companies around the world have adopted the "Digital Asset Treasury" (DAT) strategy, including cryptocurrencies such as Bitcoin and Ethereum in their corporate balance sheets, with a total position value exceeding $240 billion.
Trump's policy blessing, DAT becomes a national strategy
The turning point of this trend occurred in March 2025, when US President Trump signed an executive order formally establishing the "Strategic Bitcoin Reserve" (Strategic Bitcoin Reserve), treating Bitcoin as a national reserve asset.
This move not only endorses the corporate DAT strategy but also upgrades cryptocurrencies from "speculative tools" to "strategic assets".
According to the Latham & Watkins report, the Trump administration has made it clear that "Bitcoin held by the U.S. government will not be sold, but will be held as a reserve asset for a long time." This policy provides strong confidence support for corporate DAT strategies.
DAT shares soared, investors rushed into
companies with DAT strategies Stock prices performed amazingly:
- Strategy (formerly MicroStrategy): Stock price soared 2,461% in 5 years, far exceeding the S&P 500's 93.1%
- SharpLink Gaming (SBET): After announcing a $425 million fundraising in 2025, Sol
- Strategies (HODL/CYFRF), the world's largest ETH-holding listed company: Received $500 million in convertible bond financing, focusing on the Solana ecosystem
- Upexi (UPXI): Deployed $100 million to buy SOL and began to generate staking yields
What these companies have in common is that they view cryptocurrencies as long-term strategic assets rather than short-term speculative targets.
DAT fundraising in 2025 will surpass that of traditional crypto VCs
According to insights4.vc, as of August 2025, public and private companies have raised more than $15 billion through DAT strategies, much higher than the $60-8 billion of traditional cryptocurrency venture capital.
This represents a key shift in crypto capital allocation: companies are choosing to hold cryptocurrencies directly rather than invest in crypto startups.
Not only Bitcoin: Ethereum, Solana become new favorites
While Bitcoin is still the mainstream of DAT (total value of $215 billion), other crypto assets are also rising rapidly:
- Ethereum reserves: total value exceeds $23 billion
- Solana reserves: total value reaches $3.4 billion
- BitMine (BMNR) becomes the largest ETH holding company, Holding about $500 million in Ethereum
- Hyperion DeFi (HYPD, formerly Eyenovia) focuses on the HYPE token of the Hyperliquid ecosystem
Who is participating in DAT? Industries span technology, aquaculture, and gaming
Surprisingly, the DAT strategy is no longer limited to technology companies, but has even expanded to traditional industries:
- Nocera Inc. (NCRA): A sustainable seafood and recirculating aquaculture systems company, listed on Nasdaq in 2022
- GameStop (GME): Stock price soared after announcing the inclusion of Bitcoin in reserves in March 2025
- Tesla (TSLA): An early Bitcoin holder, currently holding over 11,000 BTC
This shows that the DAT strategy has crossed industry barriers and has become a new option for corporate financial management.
Risks remain, but trends are clear
Despite the huge opportunities presented by the DAT strategy, experts also warn investors to be aware of the risks:
- Cryptocurrency price volatility: Bitcoin and Ethereum prices may still fluctuate violently
- Regulatory uncertainty: Although supported by the Trump administration, future policies may change
- Dilution of corporate fundamentals: Some companies may rely too much on the DAT strategy and ignore their core business
HashKey Capital CEO Deng Chao said: "Crypto reserve companies with long-term strategies will be able to survive in any market, and the key is to treat crypto assets as long-term holdings rather than short-term trading instruments."
Conclusion: A Paradigm Shift in Investing in the New Era
From MicroStrategy's pioneering experiment to now followed by more than 160 companies, the DAT strategy has evolved from a "crazy bet" to a "mainstream financial strategy".
Against the backdrop of the Trump administration's clear support and the continuous influx of institutional funds, the DAT holdings of listed companies may become one of the most important investment themes in the next decade.
For investors, this is not only a multiple-choice question of "stock or currency speculation", but also a key topic in understanding how companies can reconstruct asset allocation logic in the digital economy era.
DAT Digital Asset Reserve Series - Part 2: Trump's New Cryptocurrency Deal: How to Turn Wall Street from "Boycott" to "Embrace"?
About Digital Asset Reserves (DAT)
Digital asset reserves refer to the financial strategies of companies to include cryptocurrencies such as Bitcoin and Ethereum in their balance sheets as long-term strategic reserve assets.
Unlike traditional cash and bonds, the DAT strategy aims to hedge against inflation, diversify assets, and participate in blockchain ecological income (such as staking, validator nodes, etc.).
Disclaimer: This article is for educational content only and does not provide any investment advice. All transactions are risky, cryptocurrencies and related contract commodities are highly volatile products, please invest with caution, the maximum loss may be due to the complete loss of principal due to the closure of the exchange. This article does not constitute any account opening advice, please carefully choose a cryptocurrency exchange with security and regulatory guarantees.
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