2025 was the year the Digital Asset Treasury (DAT) model graduated from concept to core strategy, facing its first true test. The concept, pioneered by MicroStrategy, involves a company holding a significant amount of crypto on its public balance sheet, thereby providing investors with crypto exposure without the need to manage individual wallets. The strategy has been employed by everyone from former Bitcoin miner Bitmine Immersion to falafel joint Tahini’s. Corporate cryptocurrency holdings surpassed a pivotal threshold in 2025, fully evolving into a mainstream treasury strategy. The tactic has been referred to as Digital Asset Treasury (or DAT). DATs experienced unprecedented growth throughout the year, while also facing mounting scrutiny as market conditions shifted. Growth and adoption in 2025 According to DLA Piper, more than 200 companies reported adopting DAT strategies by September 2025. For comparison, fewer than 10 companies had adopted it in 2021. These treasuries were heavily focused on Bitcoin, with over 190 companies allocating to it. However, a smaller group of 10 to 20 firms also explored alternative assets. Companies like BitMine, for example, concentrated their strategies on alternatives such as Ethereum. 2025 DAT Market Growth MetricSeptember 2024September 2025DAT Market Capitalization$40 billion$150 billionCombined Digital Asset Holdings~$80 billion$115+ billionNumber of DAT Companies
2025 Rewind: Corporate Crypto Treasuries Hit a Turning Point
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