Currency speculation is not as good as stock speculation? The global boom in "virtual asset reserves" has set off a new investment strategy

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 Trump signed an executive order officially establishing the "Strategic Bitcoin Reserve" (Strategic Bitcoin Reserve), treating 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 stock prices soar, investors rush into

companies with DAT strategies Stock prices are amazing:

Strategy (formerly MicroStrategy): The stock price has skyrocketed 2,461% in 5 years, far outpacing the S&P 500's 93.1%
SharpLink Gaming (SBET): Became the world's largest ETH-holding listed company after announcing $425 million in fundraising in 2025
Sol Strategies (HODL/CYFRF): Received $500 million in convertible bond financing, focusing on the Solana ecosystem
Upexi (UPXI): Deployed $100 million to purchase SOL and began to generate staking income

What these companies have in common is that they view cryptocurrencies as long-term strategic assets rather than short-term speculative targets.

DAT fundraising scale will surpass traditional crypto VCs in 2025

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 only Bitcoin: Ethereum, Solana become new favorites

Although Bitcoin is still the mainstream of DAT (total value of $215 billion), other crypto assets are also rising rapidly:

Ethereum reserves: total value exceeds $23 billion
Solana reserves: total value reaches $3.4 billion
BitMine (BMNR) becomes the largest ETH holding company, Holding about $500 million Ethereum
Hyperion DeFi (HYPD, formerly Eyenovia) Who is participating in DAT with HYPE tokens that focus on the Hyperliquid ecosystem?

Industries span technology, aquaculture, and gaming

Surprisingly, the DAT strategy is no longer limited to technology companies, but even expands to traditional industries:

Nocera Inc. (NCRA): Sustainable seafood and recirculating aquaculture systems company, listed on Nasdaq in 2022
GameStop (GME): Stock price soared after announcing the inclusion of Bitcoin in reserves in March 2025
Tesla (TSLA): Early Bitcoin holders, currently holding more than 11,000 BTC

are still at risk, but the trend is clear

Despite the huge opportunities brought by the DAT strategy, experts also warn investors to be aware of the risks:

Cryptocurrency price fluctuations: Bitcoin and Ethereum prices may still fluctuate violently
Regulatory uncertainty: Although the Trump administration supports it, However, future policies may change
Corporate fundamentals are diluted: Some companies may rely too much on DAT strategies and ignore core businesses

"Crypto reserve companies with long-term strategies will be able to survive in any market, and the key is to view crypto assets as long-term holdings rather than short-term trading tools," said Deng Chao, CEO of HashKey Capital.

Conclusion: The investment paradigm shift in the new era

From MicroStrategy's pioneering experiment to more than 160 companies following today, the DAT strategy has evolved from a "crazy bet" to a "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.

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