Is trading cryptocurrencies not as good as trading stocks? A global wave of "virtual asset reserves" is rising, and the listed company DAT's strategy has become a new focus of investment.

Investors are shifting from directly trading cryptocurrencies to investing in publicly traded companies that hold cryptocurrencies, a trend that has evolved from a "crazy gamble" into a mainstream financial strategy with the support of the Trump administration.

With the backing of the Trump administration, American companies are increasingly incorporating Bitcoin and Ethereum into their balance sheets, with fundraising exceeding $15 billion by 2025.

While traditional investors are still hesitating on whether to "trade cryptocurrencies," a cryptocurrency revolution led by publicly traded companies is quietly unfolding on Wall Street.

By 2025, over 160 publicly traded companies globally have adopted the "Digital Asset Treasury" (DAT) strategy, incorporating cryptocurrencies like Bitcoin and Ethereum into their corporate balance sheets, with a total holding value exceeding $240 billion.

Trump's Policies Boost DAT to a National Strategy

The turning point of this trend occurred in March 2025 when President Trump signed an executive order to officially establish the "Strategic Bitcoin Reserve," recognizing Bitcoin as a national reserve asset.

This move not only endorsed corporate DAT strategies but also elevated cryptocurrencies from "speculative tools" to "strategic assets."

According to a report by Latham & Watkins, the Trump administration clearly stated: "The Bitcoin held by the U.S. government will not be sold but will be held as a reserve asset for the long term." This policy provides strong confidence support for corporate DAT strategies.

DAT Companies See Stock Prices Surge, Investors Rush In

Companies adopting the DAT strategy have seen remarkable stock performance:

Strategy (formerly MicroStrategy): Stock price skyrocketed 2,461% over five years, far exceeding the S&P 500's 93.1%
SharpLink Gaming (SBET): After announcing $425 million in fundraising in 2025, it became the largest publicly traded holder of ETH globally
Sol Strategies (HODL/CYFRF): Secured $500 million in convertible bond financing, focusing on the Solana ecosystem
Upexi (UPXI): Deployed $100 million to purchase SOL and began generating staking income

These companies share a commonality: they view cryptocurrencies as long-term strategic assets rather than short-term speculative targets.

DAT Fundraising Exceeds Traditional Crypto VC by 2025

According to insights4.vc statistics, as of August 2025, the funds raised by public and private companies through the DAT strategy have exceeded $15 billion, far surpassing the $6-8 billion of traditional cryptocurrency venture capital.

This represents a key shift in crypto capital allocation: companies are choosing to hold cryptocurrencies directly rather than investing in crypto startups.

Not Just Bitcoin: Ethereum and Solana Become New Favorites

While Bitcoin remains the mainstream asset in DAT (total value $215 billion), other crypto assets are also rapidly rising:

Ethereum reserves: Total value exceeds $23 billion
Solana reserves: Total value reaches $3.4 billion
BitMine (BMNR) becomes the largest ETH holding company, holding approximately $500 million in Ethereum
Hyperion DeFi (HYPD, formerly Eyenovia) focuses on the Hyperliquid ecosystem's HYPE token

Who is Participating in DAT? Industries Span Technology, Aquaculture, Gaming

Surprisingly, the DAT strategy is no longer limited to tech companies and has even expanded to traditional industries:

Nocera Inc. (NCRA): A perpetual seafood and recirculating aquaculture system company, listed on NASDAQ in 2022
GameStop (GME): Announced in March 2025 that it would incorporate Bitcoin into its reserves, leading to a surge in stock price
Tesla (TSLA): An early Bitcoin holder, currently holding over 11,000 BTC

Risks Remain, but the Trend is Clear

Although the DAT strategy presents significant opportunities, experts also remind investors to be aware of the risks:

Cryptocurrency price volatility: Bitcoin and Ethereum prices may still experience severe fluctuations
Regulatory uncertainty: Although supported by the Trump administration, future policies may change
Dilution of company fundamentals: Some companies may overly rely on the DAT strategy, neglecting their core business

HashKey Capital CEO Deng Chao stated: "Cryptocurrency reserve companies with long-term strategies will be able to survive in any market; the key is to view crypto assets as long-term holdings rather than short-term trading tools."

Conclusion: A Shift in Investment Paradigms for the New Era

From MicroStrategy's pioneering experiment to now over 160 companies following suit, the DAT strategy has evolved from a "crazy gamble" to a "mainstream financial strategy."

With the clear support of the Trump administration and continuous inflow of institutional funds, publicly traded companies' DAT holdings may become one of the most important investment themes in the next decade.

For investors, this is not just a choice between "trading stocks or cryptocurrencies," but a key issue in understanding how companies are reconstructing asset allocation logic in the digital economy era.

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