TLDR:
- Digital Asset Treasuries control $105B in assets and major supplies of BTC, ETH, and SOL.
- These treasuries may evolve into for-profit, publicly traded entities with active ecosystem roles.
- DATs can stake, lend, and recycle tokens into productive network activities and growth initiatives.
- The outcome depends on execution and governance, as some DATs will fail to scale effectively.
Money is stacking up in crypto treasuries, and it’s not just sitting idle. Digital Asset Treasuries (DATs) now hold $105B in assets, giving them massive control over BTC, ETH, and SOL supply. This concentration of native tokens is no small detail for crypto markets.
These pools of capital could soon shape network economics, business models, and governance decisions. The next phase may turn treasuries from passive holders into active builders.
How $105B in Digital Asset Treasuries Could Reshape BTC, ETH, and SOL
Ryan Watkins reported that DATs have grown into a $105B force, holding big portions of major crypto supplies. He described these treasuries as the future “publicly traded counterparts” to foundations, with wider mandates.
Unlike passive holding companies, they could deploy assets into network operations, bootstrap liquidity, and fund ecosystem growth.
Watkins explained that assets like ETH, SOL, and HYPE are inherently productive. Staking earns yield, lending generates returns, and programmability allows assets to be reused across financial layers.
That flexibility means DATs can do more than sit on balance sheets. They can recycle capital into activities that increase long-term network value.
He noted that some businesses on Solana and Hyperliquid need large token holdings to compete effectively. RPC providers that stake more SOL, for instance, can guarantee faster transaction execution.
Frontends on Hyperliquid that stake more HYPE can offer lower fees or capture more revenue without raising costs for users. These advantages show how native capital can drive ecosystem strength.
DATs, Watkins suggested, could be the solution. By giving sub-scale businesses direct access to token reserves, they could improve quality, attract users, and accelerate adoption. The idea is to make treasuries work as growth engines rather than vaults.
Digital Asset Treasuries hold $105B in assets and control big chunks of the BTC, ETH, and SOL supplies.
Few have stopped to think through what this means long-term.
A thesis on how DATs can move beyond speculation and become lasting economic engines for the cryptoeconomy.
— Ryan Watkins (@RyanWatkins_) September 23, 2025
From Vaults to Economic Engines in Crypto
Watkins compared DATs to a mix of closed-end funds, REITs, and banks. They can borrow against token reserves, lend to ecosystem players, and compound crypto-denominated returns over time. Unlike asset managers that take fees, these treasuries let investors hold exposure to networks directly.
That setup creates a new model for capital formation in crypto. MicroStrategy, he said, can only manage its BTC position on a corporate balance sheet.
DATs for ETH, SOL, or HYPE can be much more creative on both assets and liabilities. They can use staking yield, lending, and even rehypothecation to expand their capital base.
However, Watkins cautioned that not all DATs will succeed. Some may misallocate capital or fail to scale, while others become core infrastructure providers. The long-term outcome will depend on governance, execution, and alignment with ecosystem growth.
This view positions DATs as central players in crypto’s next chapter. With control of $105B and counting, they may soon be operating the rails of onchain economies instead of just funding them.
