- Digital asset treasuries are entities that purchase and hold cryptocurrencies as part of their core business strategy.
- They serve several purposes: generating returns through staking or lending, providing exposure to crypto markets for investors, and establishing long-term reserves.
- DATs have become deeply embedded in the crypto ecosystem, owning approximately 4% of all Bitcoin in circulation, 3.1% of Ethereum, and 0.8% of Solana’s total supply.
The cryptocurrency sector has matured from a volatile trading space into a sophisticated financial ecosystem that is attracting major institutions, investors, and regulatory scrutiny. Among the most intriguing developments in this field is the rise of digital asset treasuries (DATs)—companies and funds that hold significant amounts of cryptocurrencies in reserve to generate yield, hedge exposure, or provide liquidity. Recently, Standard Chartered published a comprehensive report on how these treasuries are influencing the market for Bitcoin, Ethereum, and Solana.
The study, led by Geoffrey Kendrick, the bank’s global head of digital asset research, provides valuable insights into the holdings, risks, and future trajectory of these treasuries. According to Kendrick, while Bitcoin still dominates institutional conversations, Ethereum and Solana could prove to be the real winners as DATs evolve—thanks largely to their staking capabilities and more dynamic reward systems.
What Are Digital Asset Treasuries
Digital asset treasuries (DATs) are entities—often publicly traded companies or specialized funds—that purchase and hold cryptocurrencies as part of their core business strategy. They serve several purposes:
- Generating returns through staking or lending.
- Providing exposure to crypto markets for investors who prefer equity shares over direct coin ownership.
- Establishing long-term reserves, similar to how corporations hold cash or bonds.
The importance of DATs lies in their ability to concentrate large amounts of crypto assets under institutional control. This centralization means that the buying, selling, or restructuring of DAT portfolios can have an outsized effect on market prices and investor sentiment. Standard Chartered’s report highlights just how large these holdings have become:
- DATs own approximately 4% of all Bitcoin in circulation.
- Around 3.1% of Ethereum is held by DATs.
- Roughly 0.8% of Solana’s total supply sits in treasury accounts.
These figures underscore how deeply embedded DATs have become in the crypto ecosystem.
Bitcoin’s Treasury Dominance—and Its Challenges
Bitcoin has long been the flagship cryptocurrency for institutional treasuries. With its fixed supply of 21 million coins and recognition as “digital gold,” it has become a natural reserve asset. However, Standard Chartered’s report points out that Bitcoin treasuries are facing headwinds. One major issue is market saturation. The largest DATs that accumulated Bitcoin in past years are struggling to sustain growth, especially as share prices of these companies fall. Investors appear hesitant to reward them with premiums above net asset value (NAV), a condition necessary for treasuries to issue more shares and buy more Bitcoin.
Additionally, Bitcoin’s inability to generate staking rewards puts it at a disadvantage compared to Ethereum and Solana. Unlike proof-of-stake (PoS) networks, Bitcoin cannot directly earn yield on held assets, limiting treasury growth potential.
Ethereum’s Staking Edge
Where Bitcoin struggles, Ethereum shines. Kendrick argues that Ethereum-focused digital asset treasuries stand to benefit the most from ongoing institutional adoption. The reason is simple: staking rewards. Ethereum’s transition to a proof-of-stake model has unlocked consistent yield opportunities. DATs that hold ETH can generate passive income by validating transactions, creating a sustainable business model. This advantage not only strengthens the balance sheets of Ethereum-focused DATs but also ensures continued demand for ETH.
A notable example is BitMine Immersion (BMNR), the largest Ethereum treasury listed on the NYSE American exchange. After gaining shareholder approval for its strategy, BMNR aggressively accumulated ETH and now owns over 2 million ETH—equivalent to about 5% of total supply. This kind of institutional accumulation reinforces Ethereum’s market position. Unlike Bitcoin treasuries, which may stagnate, Ethereum treasuries are positioned for long-term growth thanks to their ability to earn yield while holding.
Solana: Potential, but Lagging Behind
Solana also benefits from being a proof-of-stake network, offering staking rewards to treasuries. However, its current treasury footprint is small compared to Bitcoin and Ethereum. Standard Chartered’s data shows DATs holding just 0.8% of Solana’s supply, which leaves room for expansion but also highlights limited institutional trust so far. Solana’s frequent network outages in recent years and its smaller ecosystem compared to Ethereum make treasuries hesitant to scale holdings. That said, if Solana continues to stabilize and attract developers, it could carve out a niche for DATs looking to diversify beyond Bitcoin and Ethereum.
The Pressure of Shrinking Valuations
One of the most pressing challenges facing DATs is the sharp decline in share prices over recent weeks. Many DATs now trade below their asset value, which undermines their ability to raise new funds. When companies cannot issue new shares at a premium, their capacity to accumulate more crypto diminishes. This situation creates a paradox: DATs need to expand holdings to remain attractive, but they can’t expand if the market undervalues them.
Standard Chartered’s report even suggests the possibility of mergers among DATs, particularly in the Bitcoin space. While such consolidations wouldn’t create new demand for BTC, they could reorganize existing holdings and stabilize the industry.
The Future of DAT Success
Kendrick emphasizes that the future success of digital asset treasuries will depend on three factors:
- Financing Costs – Companies must keep borrowing costs low to avoid eating into profits.
- Scale – The largest DATs enjoy visibility and trust, making it easier to attract investors.
- Yield – Staking rewards, particularly for Ethereum, will be the key differentiator.
The treasuries that can master this trifecta are likely to dominate the industry in the coming years.
Ethereum’s Long-Term Advantage
While Bitcoin remains the most recognized asset in the crypto space, the Standard Chartered report suggests that Ethereum will receive stronger support from DATs over time. Not only do Ethereum treasuries benefit from staking, but they also appear more resilient during market downturns. Ethereum’s established infrastructure, broader developer community, and expanding ecosystem of decentralized finance (DeFi) applications make it more attractive for treasury strategies. By contrast, Solana, despite its innovative architecture, still has hurdles to clear before institutional investors fully commit.
The Standard Chartered report sheds light on the evolving role of digital asset treasuries in the crypto economy. With holdings that already account for significant portions of Bitcoin, Ethereum, and Solana, DATs wield considerable influence over price dynamics and investor confidence. Bitcoin treasuries remain dominant but face growth challenges due to market saturation and lack of yield opportunities. Ethereum, powered by staking rewards, looks better positioned for treasury adoption and long-term support. Solana, while promising, still lags behind in institutional trust.
Ultimately, the trajectory of DATs will depend on financing, scalability, and yield generation. Yet, one conclusion seems clear: Ethereum’s treasuries are likely to have the greatest impact on shaping the future of digital asset markets, outpacing both Bitcoin and Solana in institutional support.
Disclaimer: CryptopianNews shares this for learning and info only. It’s not meant to be financial or investment advice. Crypto markets change a lot and move quickly. Investing in them can be risky. You should always look into things yourself. Talk to a trained financial advisor before making any choices about investing.
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