Crypto asset treasury companies have collectively raked in over $135 billion in cryptocurrencies, and things are just heating up.
According to asset manager VanEck’s new report , September 2025 saw an actual tidal wave of capital flow into these digital asset treasuries, or DATs, with one headline hogger, Strategy, controlling 53% of all assets under management.
That’s right, MSTR is basically the sheriff of this crypto frontier.
Betting big
So what’s the deal with these DATs? They are the slick entities using financial wizardry to crank up their ownership of digital assets by leveraging their common shares.
VanEck explains that the market often values some of these DATs at a premium compared to the net asset value, the mNAV of their crypto holdings.
Investors seem to be betting big on companies that can keep stacking digital assets over the long haul, a bit like placing your chips on the most savvy gambler at the table.
Sell stocks, buy Bitcoin
How do they pull off this magic trick? These companies pump out securities like common shares, convertible debt, or warrant sales that tap into the stock’s volatility.
They sell this volatility cheaper than the implied volatility of options available on the market. So it’s quite simple. Sell stocks, buy Bitcoin .
The pros swoop in to buy this undervalued volatility and hedge their expensive option bets.
Over time, the volatility between these positions is expected to even out, letting these clever traders pocket their gains.
It all started with Strategy, pioneering the digital asset treasury playbook back in 2020.
Fast forward to September this year, and over 200 companies worldwide have joined the party, adopting this high-stakes investment tactic.
The digital asset treasury game is no longer a niche experiment, that’s sure. It’s becoming the new normal in corporate crypto strategy.
Stock market within-the-stock-market
The main insight here? This move means a pretty significant financial development, businesses are going beyond just holding cash and stocks.
They’re stepping into crypto holdings, devising sophisticated trading maneuvers to boost shareholder value while riding the volatility of digital assets.
Digital asset treasuries have essentially built their own stock market within-the-stock market.
It’s a dance of volatility, savvy trading, and big bets on the future of crypto. What a time to be alive!
Cryptocurrency and Web3 expert, founder of Kriptoworld
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With years of experience covering the blockchain space, András delivers insightful reporting on DeFi, tokenization, altcoins, and crypto regulations shaping the digital economy.
