Original author: Raysky

With the support of the Trump administration, American companies have included Bitcoin and Ethereum in their balance sheets, and the fundraising scale in 2025 will exceed 15 billion US dollars.

While traditional investors are still hesitating about whether to "speculate in cryptocurrencies", a cryptocurrency revolution led by listed companies is quietly unfolding on Wall Street.

By 2025, more than 160 listed companies around the world have adopted the "Digital Asset Treasury" (DAT) strategy, incorporating cryptocurrencies such as Bitcoin and Ethereum into their corporate balance sheets, with the total holding value exceeding US$240 billion[1].

Trump's policies have boosted DAT to become a national strategy

The turning point of this trend occurred in March 2025, when US President Trump signed an executive order to formally establish the "Strategic Bitcoin Reserve" and regard Bitcoin as a national reserve asset[2].

This move not only endorses the company's DAT strategy, but also upgrades cryptocurrency from a "speculative tool" to a "strategic asset."

According to the Latham & Watkins report, the Trump administration has clearly stated that “Bitcoins held by the U.S. government will not be sold, but will be held for the long term as a reserve asset.”[3] This policy provides strong confidence support for corporate DAT strategies.

DAT company shares soar as investors rush in

The stock price performance of companies using the DAT strategy is astonishing:

• Strategy (formerly MicroStrategy): Share price surged 2,461% in 5 years, far exceeding the S&P 500’s 93.1%[4]
• SharpLink Gaming (SBET): After announcing a $425 million fundraising in 2025, it became the world’s largest publicly listed company holding ETH.[5]
• Sol Strategies (HODL/CYFRF): Received $500 million in convertible bond financing, focusing on the Solana ecosystem[6]
• Upexi (UPXI): Deployed $100 million to purchase SOL and began generating staking income[7]

What these companies have in common is that they view cryptocurrencies as long-term strategic assets rather than short-term speculative targets.

By 2025, DAT fundraising will surpass traditional crypto VCs

According to insights4.vc, as of August 2025, public and private companies have raised more than $15 billion through DAT strategies, far exceeding the $6-8 billion raised by traditional cryptocurrency venture capital[8].

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 the New Favorites

While Bitcoin remains the dominant DAT (with a total value of $215 billion), other crypto assets are also rapidly emerging:

• Ethereum reserves: total value exceeds $23 billion[9]
• Solana reserves: $3.4 billion in total value[10]
• BitMine (BMNR) has become the largest ETH holder, holding approximately $500 million in ETH.[11]
• Hyperion DeFi (HYPD, formerly Eyenovia) focuses on the Hyperliquid ecosystem’s HYPE token[12]

Who is participating in DAT? The industries span technology, aquaculture, and gaming.

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

• Nocera Inc. (NCRA): Sustainable seafood and recirculating aquaculture system company, IPO on Nasdaq in 2022
• GameStop (GME): Shares surged after the company announced it would add Bitcoin to its reserves in March 2025.[13]
• Tesla (TSLA): An early Bitcoin holder, currently holding over 11,000 BTC. [14]

This shows that the DAT strategy has transcended industry barriers and become a new option for corporate financial management.

Risks remain, but the trend is clear

Although DAT strategies bring huge opportunities, experts also remind investors to be aware of the risks:

1. Cryptocurrency price fluctuations: Bitcoin and Ethereum prices are still likely to fluctuate significantly
2. Regulatory uncertainty: Although supported by the Trump administration, future policies may change
3. Dilution of company fundamentals: Some companies may over-rely on DAT strategies and neglect their core businesses

Deng Chao, CEO of HashKey Capital, stated: “Crypto 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.”[15]

Conclusion: Shifting investment paradigms in the new era

From MicroStrategy's pioneering experiment to more than 160 companies following suit today, the DAT strategy has evolved from a "crazy bet" to a "mainstream financial strategy."

With the Trump administration's clear support and the continued influx of institutional funds, DAT holdings of listed companies may become one of the most important investment themes in the next decade.

For investors, this is not only a choice between "investing in stocks or investing in cryptocurrencies", but also a key issue in understanding how companies reconstruct asset allocation logic in the digital economy era.

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