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By Rayk Riechmann
After tracking the meteoric rise of Digital Asset Treasury (DAT) companies in our June 2025 report, HODL On Tight – The Rise of Public Market Crypto Treasuries, the strategy has boomed with countless companies across industries and geographies embracing it. To help investors spot potential winners, we’ve published an industry update focusing on the most critical indicators to monitor.
DAT companies provide regulated, liquid, and transparent access to blockchain-based assets. Strategy Inc (Nasdaq: MSTR) set the blueprint for other companies in 2020 when moving excess cash into Bitcoin, later issuing shares to purchase more. The successful model was quickly adopted internationally and now DAT strategies span various asset types across multiple blockchains. Key players we discuss include Semler Scientific Inc. (Nasdaq: SMLR), SOL Strategies Inc. (Nasdaq: STKE), DeFi Development Corp. (Nasdaq: DFDV), Upexi Inc. (Nasdaq: UPXI) and BTCS Inc. (Nasdaq: BTCS).
With institutional investor interest at an all-time high, favorable regulatory developments, various financing options widely available and increasingly sophisticated strategies to create value, the intersection between crypto infrastructure and traditional capital markets delivers a unique investment opportunity.
Which factors matter most in a successful DAT strategy? One metric we advise investors to track closely is token per share (TPS) growth. We discuss several factors that can help drive TPS, which in turn can help investors identify opportunities among companies trading at widely different valuations.
Download the full report for an update on this fast-moving strategy and the tools needed to evaluate potential and risk among listed DAT companies.
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