"The Digital Asset Treasury (DAT) strategy has moved from an experiment to a consensus playbook for public companies seeking balance-sheet exposure. Digital Asset Treasuries are listed companies that accumulate tokens as treasury assets, using the stock market's financing power to steadily increase onchain holdings. In its half-year report, HTX research breaks down how the DAT strategy has become the industry standard, how perpetual aggregators ballooned, how stablecoins remain a dominant narrative, and more."
"The approvals of spot BTC and ETH ETFs and the shift to fair-value accounting for crypto have made it simpler for public companies to disclose and manage token exposure. This visibility, paired with equity market financing, catalyzed digital asset treasuries (DATs). Digital Asset Treasuries follow a comprehensive strategy with their valuation logic following Net Asset Value (NAV), tokens-per-share token price, is the base metric."
"The market-to-NAV ratio (mNAV = stock price NAV) measures the premium investors pay over the pure asset value. A 1.01.5 mNAV typically reflects token value plus growth expectations; persistent readings >2.0 imply enthusiasm that can be fragile. When mNAV < 1, new share issuance risks dilution. Finally, the Strategy DAT model enhances its uniqueness among strong players, showing that the company not only focuses on accumulating Bitcoin but also prioritizes optimizing its financing structure. By contrast, mid-tier and weaker treasury companies still need to rely"
Digital Asset Treasuries (DATs) are public companies that accumulate tokens as balance-sheet assets, using stock-market financing to increase onchain holdings steadily. Approvals of spot BTC and ETH ETFs and the shift to fair-value accounting simplified disclosure and management of token exposure, catalyzing DAT adoption. DAT valuation centers on Net Asset Value (NAV) and tokens-per-share; the market-to-NAV ratio (mNAV) measures stock price relative to NAV. Typical mNAVs around 1.0–1.5 reflect token value plus growth expectations, sustained readings above 2.0 signal fragile enthusiasm, and mNAV below 1 risks dilution from new share issuance. Strong Strategy-type DATs optimize financing to sustain premium; mid-tier DATs rely on convertibles, PIPEs, and credit, raising leverage risk. Stablecoins and expanding perpetual aggregators underpin ongoing narratives.
Read at cointelegraph.com
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