Author: Martin
The Digital Asset Treasury (DAT) strategy is rapidly spreading from Ethereum to the Solana ecosystem, with publicly listed companies voting with real money to compete for scarce assets in the next generation of blockchain networks.
As publicly listed companies increasingly incorporate cryptocurrencies into their balance sheets, the Digital Asset Treasury (DAT) strategy has become an important bridge connecting traditional capital with the crypto world.
This wave was initially led by Bitcoin, but it has shown richer playability on Ethereum, and now Solana is becoming the new focus.
Ethereum DAT Model: More than Just Storage, It's a Way to Generate Wealth
The Ethereum DAT model differs from simple "buy and hold"; it cleverly leverages the unique advantages of the Ethereum ecosystem, where high volatility is no longer just a risk but rather a "catalyst" for financing.
The historical volatility of Ethereum, which is far higher than that of Bitcoin, presents a huge attraction for hedge funds engaging in Gamma trading, allowing ETH treasury companies to issue convertible bonds under more favorable conditions, thereby reducing financing costs.
Currently, Digital Asset Reserves (DAT) control over 2% of the total supply of Ethereum, with institutional participation deepening continuously.
Three Giants Lead the Way, Ethereum Reserves Exceed 3 Million
According to Strategic ETH Reserve data, there are currently 70 publicly listed companies, projects, or entities that regard Ethereum as a strategic reserve, holding a total of over 4.1 million ETH, valued at approximately $17.6 billion, accounting for 3.39% of the total ETH supply.
Among them, BitMine, SharpLink Gaming, and The Ether Machine rank as the top three holders.
BitMine Immersion Technologies announced that its total cryptocurrency and cash assets amount to $10.771 billion, including 2.151 million ETH (priced at $4,632 each according to Bloomberg), 192 Bitcoins, $569 million in cash, and $214 million in Eightco equity. BitMine is the world's largest ETH corporate treasury, with an average daily trading volume of $2 billion, ranking 28th in U.S. stocks.
SharpLink Gaming, supported by Ethereum core ecosystem companies like ConsenSys, holds 837,200 ETH, making it the second-largest institutional holder.
The Ether Machine ranks third with a holding of 495,400 ETH, and the combined market value of these three companies' ETH holdings has surpassed $10 billion.
SOL DAT Accelerates, Ecological Reserves Exceed 10 Million
As Ethereum DAT is thriving, the DAT strategy in the Solana ecosystem is accelerating. According to the latest data from September 13, 17 entities have established SOL treasury reserves totaling 11.739 million SOL, valued at $2.84 billion, accounting for 2.04% of the current total supply of SOL.
According to analyst Emmett Gallic, Forward Industries, a SOL treasury company, currently has $1.6 billion of its $1.8 billion in funds allocated for purchasing SOL. Previously, Galaxy Digital increased its stake in Forward Industries by $400 million in SOL, and the company now holds approximately $1.1 billion in SOL in its Coinbase Prime custody account.
Helius Medical Technologies (NASDAQ: HSDT) announced a major strategic transformation, becoming a SOL treasury company through over $500 million in private investment.
Placeholder VC partner Chris Burniske agrees with Ansem's view, believing that SOL Digital Asset Treasury (DAT) will boost the ecosystem and create returns unmatched by ETFs.
Staking Rewards Shine, DAT Enters 2.0 Era
Compared to simple asset holding, the new generation of DAT strategies focuses more on generating income through staking and other methods. Data shows that approximately 585,000 SOL in the treasury are being staked, valued at $104.1 million, with an average staking yield of 6.86%.
Upexi increased its SOL holdings from 73,500 to 1.8 million, almost entirely for staking, and based on an 8% annualized yield, it is expected to generate approximately $26 million in staking rewards annually.
This "Hold + Stake" model marks the entry of the DAT strategy into the 2.0 era, transforming from passive storage to active appreciation, bringing sustainable cash flow income to publicly listed companies.
The Chinese community has also sparked a DAT craze, with Yunfeng Financial, in which Jack Ma holds shares, recently announcing the purchase of 10,000 ETH, while the Hong Kong Digital Asset Listed Companies Association has 49 member units, many of which are initiating coin hoarding plans.
The DAT strategy is becoming the standard path for traditional enterprises to enter the crypto world, evolving from Bitcoin to Ethereum to SOL, and from simple holding to staking for income, this evolution is reshaping the institutional landscape of the entire crypto market.
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