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With the support of the Trump administration, U.S. companies have included Bitcoin and Ethereum in their balance sheets, raising more than $15 billion in 2025 While traditional investors are still hesitating whether to "speculate", a cryptocurrency revolution led by listed companies is quietly unfolding on Wall Street. By 2025, more than 160 listed companies around the world have adopted the "Digital Asset Treasury (DAT") strategy, including cryptocurrencies such as Bitcoin and Ethereum in corporate balance sheets, with a total position value of more than $240 billion. With the blessing of Trump's policies, DAT has become a national strategy The turning point of this trend came in March 2025, when US President Donald Trump signed an executive order formally establishing the "Strategic Bitcoin Reserve" to treat Bitcoin as a national reserve asset. This move not only endorses the corporate DAT strategy but also upgrades cryptocurrencies from "speculative tools" to "strategic assets". According to the Latham & Watkins report, the Trump administration has made it clear that "Bitcoin held by the U.S. government will not be sold, but will be held as a reserve asset for a long time." This policy provides strong confidence support for corporate DAT strategies. DAT shares soared, and investors rushed in The stock prices of companies using the DAT strategy are amazing: Strategy (formerly MicroStrategy): The stock price soared 2,461% in 5 years, far exceeding the 93.1% of the S&P 500 SharpLink Gaming (SBET): Became the world's largest ETH-holding public company after announcing a $425 million fundraising in 2025 Sol Strategies (HODL/CYFRF): Received $500 million in convertible bond financing, focusing on the Solana ecosystem Upexi (UPXI): Deploy $100 million to buy SOL and start generating staking yields What these companies have in common is that they view cryptocurrencies as long-term strategic assets rather than short-term speculative targets. In 2025, the fundraising scale of DAT will surpass that of traditional crypto VCs According to insights4.vc, as of August 2025, public and private companies have raised more than $15 billion through DAT strategies, much higher than the $60-8 billion of traditional cryptocurrency venture capital. This represents a key shift in crypto capital allocation: companies are choosing to hold cryptocurrencies directly rather than invest in crypto startups. Not just Bitcoin: Ethereum and Solana have become new favorites While Bitcoin remains the mainstream DAT (with a total value of $215 billion), other crypto assets are also on the rise: Ethereum reserves: The total value exceeded $23 billion Solana Reserves: Total value of $3.4 billion BitMine (BMNR) became the largest ETH holding company, holding approximately $500 million in Ethereum Hyperion DeFi (HYPD, formerly Eyenovia) focuses on the HYPE token of the Hyperliquid ecosystem Who is participating in DAT? The industry spans technology, aquatic products, and games Surprisingly, the DAT strategy is no longer limited to tech companies but even extends to traditional industries: Nocera Inc. (NCRA): Sustainable Seafood and Recirculating Aquaculture Systems Inc., listed on Nasdaq in 2022 GameStop (GME): Stock price soared after announcing the inclusion of Bitcoin in reserves in March 2025 Tesla (TSLA): An early Bitcoin holder who currently holds over 11,000 BTC The risks remain, but the trend is clear Despite the huge opportunities presented by the DAT strategy, experts also caution investors to be aware of the risks: Cryptocurrency price fluctuations: Bitcoin and Ethereum prices are still subject to severe fluctuations Regulatory Uncertainty: While supported by the Trump administration, future policy changes are possible Dilution of company fundamentals: Some companies may rely too much on DAT strategies and ignore core businesses HashKey Capital CEO Deng Chao said: "Crypto reserve companies with long-term strategies will be able to survive in any market, and the key is to treat crypto assets as long-term holdings, not short-term trading tools." Conclusion: The investment paradigm shift in the new era From MicroStrategy's pioneering experiment to more than 160 companies following suit today, DAT strategy has evolved from "crazy betting" to "mainstream financial strategy". Against the backdrop of the Trump administration's clear support and the continuous influx of institutional funds, the DAT holdings of listed companies may become one of the most important investment themes in the next decade. For investors, this is not only a multiple-choice question of "stock speculation or currency speculation", but also a key topic for understanding how enterprises can reconstruct the logic of asset allocation in the era of digital economy.