Digital Asset Treasuries raised over $20B in 2025, but experts see the peak ending as consolidation and smaller raises dominate ahead.
NAV discounts and low liquidity challenge DAT firms, with M&A expected by 2026 as stronger players absorb undervalued competitors.
As DAT hype cools, VCs eye DeFi, stablecoins, RWAs, and AI-blockchain projects with clearer market fit and long-term growth.
In 2025, companies focused on Digital Asset Treasuries (DATs) have become the stars of the investment world, pulling in more than $20 billion in venture funding. This boom has changed how new tech companies raise money, making DATs the center of attention. Meanwhile, traditional crypto fundraising has stayed weak.
Data shows DATs have raised over $20 billion this year, with almost half of it — about $10 billion — in July alone. From March to June, the growth was steady. August slowed down a bit, but September rebounded. Bitcoin still leads, but Solana, Ethereum, TON, and other coins are gaining share, showing investors want to spread risk.
A recent report says Q3 added another $25 billion, pushing the total even higher, and more than 160 listed companies have now included digital assets on their balance sheets.
The big question now is: can this DAT momentum last until the end of the year, or even into early 2026? And how will the sector develop next?
EXPERT VIEW: THE PEAK IS OVER
I spoke with several industry experts, and most believe the peak of DAT fundraising has already passed. Valuations are tightening, and the main crypto assets are already well covered in most portfolios. New projects will still appear, but on a smaller scale, and only a few will stand out.
One well-known VC partner said the industry is moving from the “building phase” to a stage focused on execution, scaling, and possible consolidation. For example, Pantera Capital has launched two DAT-focused funds and invested more than $300 million — showing that investors now care more about operations than just launches.
As for mega funding rounds of $500 million to $1 billion, only a few big players can raise that much. They need large market caps and the right risk profile for convertible debt. An Ethereum-focused firm like Bitmine might manage it, but for most, this pace is not sustainable. Instead, many smaller DATs for specific blockchain ecosystems are expected. To keep their net asset value ratios above 1, they will rely more on loans and structured capital.
One major problem for DATs is net asset value (NAV) compression. Many now trade at or below the real value of their assets, which is clear from professional data dashboards. Experts say this discount is a natural market adjustment and could lead to more mergers by 2026.
Well-managed but undervalued DATs may become takeover targets, with stronger companies absorbing them. One investor gave an example: if you issue shares at 1.25x NAV but buy assets at 0.7x NAV, you make instant profit. But this only works when the tokens are liquid. If not, trying to close the discount could trigger a downward spiral.
Liquidity is another growing issue. Low trading volumes limit the ability of DATs to raise capital through stock sales, keeping discounts in place and leaving weaker firms open to acquisition. Normally, a DAT can only sell 1–3% of daily trading volume safely; more than that could crash the stock price.
Some companies have turned to creative strategies. For example, Solana DAT Upexi bought locked Solana tokens at a 15% discount from OTC desks and bankruptcy sales. These tokens unlock gradually until 2028 and also earn around 8% staking yield. Over time, the discount closes, which effectively doubles the yield.
Experts also say improving DAT stock liquidity will need growth in options markets for the underlying assets. Deeper options markets let dealers hedge their risk, creating a cycle where spot and options trading reinforce each other. In the long run, though, the success of a DAT depends more on the performance of the tokens it holds than on trading volume. Of course, a strong bull market or new U.S. regulations could quickly bring back premiums for the leading DATs.
FUTURE INVESTMENT HOTSPOTS
As the DAT boom cools, venture capital is shifting to other areas in crypto. Decentralized finance (DeFi) is expected to return, especially if interest rates fall, since DeFi yields will look more attractive than traditional investments. This will boost demand for real world asset (RWA) products, such as tokenized bonds or real estate, which could unlock trillions in value.
Stablecoins are another hot topic. Their supply has already passed $150 billion, making them a bridge between traditional finance and crypto. Recent projects like M0 raised $40 million to build stablecoin infrastructure.
Other trends include consumer apps on major blockchains, late-stage fundraising for mature crypto firms, and selective investment in tokens with strong fundamentals. The mix of AI and blockchain is also a highlight, with funds like a16z seeing potential in governance and scaling.
Overall, the VC market is becoming more selective, backing only projects with clear product-market fit and large growth potential. So far this year, crypto companies have raised more than $16 billion across hundreds of deals — still active, but far more disciplined.
〈Can the 2025 Digital Asset Treasury Investment Boom Last?〉這篇文章最早發佈於《CoinRank》。
