[//]:content-type-MARKDOWN-DONOT-DELETE ![](https://gimg2.gateimg.com/image/ann_en_20251017_171929_5dcf6d41b1bd69d09e2896b512c586cb.webp) With growing global attention on crypto assets, gradually clarified regulatory policies across countries, and the maturation of blockchain infrastructure and ecosystems, Digital Asset Treasuries (DATs) are emerging as a new capital narrative in traditional finance. The rise of DAT companies transforms crypto asset exposure, previously limited to on-chain investors, into tradable investment instruments in the conventional equity markets, providing a bridge for a broader range of investors to access the crypto space. However, DATs are not risk-free “financial innovation models.” This report evaluates the long-term sustainability of the DAT model from five dimensions, examining how token prices and treasury size impact the stability and development of DATs. ### Key Takeaways * Strategy pioneered the concept of crypto asset reserve treasuries, inspiring a wave of public companies to follow suit and usher in a new era of Digital Asset Treasury (DAT) development. In 2025, the DAT market experienced explosive growth, with Ethereum-based DATs triggering a new staking boom. * The core logic of the DAT model lies in the “financing–buying crypto–refinancing” capital loop, which links traditional capital market financing with crypto asset price appreciation, creating a self-reinforcing flywheel. The valuation of DATs is primarily driven by token holdings per share, the price of underlying assets, and mNAV, all of which together determine their attractiveness and risk level in the capital market. * As institutional capital continues to enter the Ethereum ecosystem, DAT companies have evolved from mere token holders into active network participants and yield generators. Their main participation paths include staking, DeFi, and on-chain operations. The Solana DAT segment may become one of the fastest-growing and most dynamic sectors within the DAT landscape. * By constructing a five-force sustainability model for DATs, we find that Bitcoin DATs are evolving toward long-term value preservation, emphasizing inflation hedging and institutional allocation. Meanwhile, Ethereum and Solana DATs are developing into yield-generating treasuries that create cash flow through on-chain operations. The DATs capable of enduring market cycles must maintain sound capital structures, transparent financial disclosure, and clear strategic positioning. Future winners will not be the numerous “shell companies” lacking core business operations, but the few leaders that can create a synergistic flywheel between capital market financing and on-chain ecosystem participation. Explore the full article → Gate Research: Capitalized Crypto Belief, A Study on the Sustainability of the Digital Asset Treasury Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides deep content for readers, including technical analysis, market insights, industry research, trend forecasting, and macroeconomic policy analysis. #### Disclaimer Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.
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