Introduction to Digital Asset Treasuries (DATs)
The Digital Asset Treasury (DAT) strategy has evolved from an experiment to a widely accepted approach for public companies seeking balance sheet exposure. DATs involve listed companies accumulating tokens as financial assets, leveraging the financing power of stock markets to steadily increase on-chain holdings. According to a recent report by HTX Research, the DAT strategy has become an industry standard, with eternal aggregators developing and stable coins remaining a dominant story.
The report highlights the growth of DATs, driven by the increasing adoption of digital assets and the need for public companies to manage their token exposure. The permits of Spot BTC and ETH ETFs, as well as the shift to fair value accounting, have made it easier for companies to disclose and manage token holdings. This visibility, combined with stock market financing, has catalyzed the development of DATs.
DATs 101: Understanding the “Mnav Flywheel” Corporate Crypto Benchmark
Digital asset treasuries follow a comprehensive strategy, with valuation logic based on net assets (NAV). The market-to-NAV ratio (MNAV = share price ÷ NAV) measures the premium investors are willing to pay for the pure asset. A 1.0–1.5 MNAV typically reflects the token value plus growth expectations, while persistent readings above 2.0 indicate enthusiasm that can be fragile. If MNAV is below 1, there is a risk of new stock output dilution.
The strategy data model improves its uniqueness under strong actors, showing that companies are not only focused on collecting Bitcoin but also prioritizing the optimization of their financing structure. This approach has led to the strategy’s stock performance being a high premium over a longer period, outpacing the markets.
Stablecoin Rail Wars: The Battle for Channel Control
Stable coins have quickly become a dominant force, settling under operated chains and underpinning salary statements, transfers, and B2B flows. The latest research results shed light on why fully reserved designs, around-the-clock and programmable bar-like functions, draw companies and fintechs to dollar token rails. The guideline has extended in the same direction, with the United States now having a federal framework for payment stable coins.
Tron has emerged as a dominant player in the stable coin market, hosting over $80b in USDT supply and processing far more USDT transfers than Ethereum. The H1 check of cryptoquant per day shows over $2.3–2.4 million per day on Tron, with an average daily transmission value of $23 to 25 billion. Tron’s monthly network activity has also set several records, with 273 million transactions in May and 28.7 million active addresses in June.
Tron’s Competitive Advantages
Tron has several competitive advantages that have contributed to its success in the stable coin market. These include:
-
Low migration costs: EVM-compatible tools and early ERC 20 line made the USDT migration for developers and DAPPS trivial, allowing the majority of the market for stable coin payments to be captured.
-
Deep exchange standards: Important platforms such as Binance and Kucoin have increasingly prioritized Tron for inlays/withdrawals, creating path-dependent currents.
-
Emerging market pass form: Transfers and salary statements in Latam, Africa, and the sea prefer Tron’s low, predictable costs.
-
Zero-zero transmission costs for institutions: DPOs with bandwidth/energy injury subsidize high-volume currents.
-
Water ditch of sticky formation–Otc descriptions and corridors are “locked up” by liquidity habits, not code.
For more information on the DAT strategy and the stable coin market, download the H1 2025 report from HTX Research.
