jakiro
Author: Charlie Liu
Write in front
Recently I wrote some articles and met some new friends. When I talked about it, I would mention my former boss Jack Mallers who took the lead.Tether+Softbank+CantorTwenty One composed of Tiantuan.
Unlike other DATs (at least in narratively), his “native” concept actually inspired me to think about the business model of every company in the future.
In the past, we thought about the world of web3 and web2, and in the future,More and more web3 native products and businesses will reshape the entire global economic landscape.
Just like the previous cycle isEvery company will become a fintech company
The next cycle should beEvery company will become a DAT company
Corporate finance is undergoing a quiet revolution.
In the past, top operators focused on pricing power, working capital, and tax structure.
Now, the most sensitive CFO has another adjustable throttle – Digital Asset Treasury (DAT).
The point is not to turn yourself into a crypto company, but to run the company better.
Core business is done well, butBuilt into the second engine – assets are more scattered, more liquid, more global, and run natively on the Internet.
DAT is no longer a niche strategy
I remember that in the policy memo written for President El Salvador in 2021, only two listed companies, MicroStrategy and Tesla, put Bitcoin into the balance sheet.
Today, 172 listed companies have held BTC, and the corporate treasury at the public offering level manages more than 6% of the Bitcoin supply on the entire network.
Ethereum has also advanced from a test field to a second reserve option, with dozens of institutions holding a total of more than 4 million ETHs, and even Solana has begun to emerge on the side of the enterprise.
A common configuration method is to hold it for a long time and participate in pledge to obtain agreement income.
This is not a show, but a treasury thinking“Defence—Preservation—Liquidity”Towards“Resilience—Reward—Liquidity”Structural migration.
BTC camp
Bitcoin is still a ballast.
Strategy Inc. (formerly MicroStrategy) has made the way through the pioneer: using the combination of cash, convertible bonds and equity to raise funds for BTC, and hold them across cycles, allowing fair value accounting to honestly present two sides of fluctuation.
Mining companies such as Marathon provide a second paradigm: HODL output, prudent lending to obtain profits, complete financing in the bull market window, and support bear market operations.
The core lesson is simple: treat Bitcoin as a “strategic inventory” rather than a “trading position”.
All the companies that sustained the last round of bear market have stretched the debt structure and forced them to sell to the bottom. This is a matter of resolutely not allowing them to happen.
The new changes in 2025 were designed according to this style of play from the beginning“Bitcoin Native”Marketed carrier.
Former boss Jack Mallers’ Twenty One – supported by Tether and SoftBank, and joined hands with Cantor – plans to start with 42,000+ BTCs, with a clear KPI“Maximize Bitcoin holdings per share” (Bitcoin-per-share, BPS).
This is not a passive business: it is both a long-term accumulation of BTC.Do it tooEducation, Advocacy, Content and Bitcoin Native Products.
Therefore, the company is not only a table, but also a distribution ecological niche, which continues to send the concept of Bitcoin standard out of the circle.
In a more friendly policy climate, the strategic value of this alliance is self-evident:Tether’s stablecoin top + SoftBank’s multinational tech industry dominance + Cantor’s U.S. policy influence.
Of course, Jack Mallers’ top preaching brainwashing ability should also be added.
ETH camp
Ethereum also has its own DAT prototype, and three high-recognition cases are enough to illustrate the problem.
Ethereum co-founder Joe Lubin has built SharpLink into an ETH native treasury carrier, including hundreds of thousands of ETHs into the balance sheet, and clearly embraces the integration of pledge and DeFi – more like “ETH version of Saylor+Staking”, rather than passive investment.
The latest reports show that after the additional purchase, SharpLink held nearly 800,000 ETH, and at the same time, it was equipped with capital actions of more than US$400 million, completely restructured the company from the “game business” to the “Ethereum operation platform”.
Tom Lee, former chief equity strategist at JPMorgan Chase who understands Wall Street best, served as chairman of BitMine Immersion. The company has shifted from pure mining to actively accumulating and pledging ETH.
The disclosure shows that he holds more than $3 billion of ETH in his account, and Lee also publicly put forward the ambition of “targeting and pledging up to 5% of the supply across the entire network” – this is a naked “DAT rather than ETF” blueprint, which uses the scale of the balance sheet to match the depth of practical operations on the chain.
ETHZilla is a combination of “ETH accumulation + DeFi native income + builder network”.Electric Capital’s platform is meaningful: this is not an index fund that is covered with the company’s guise, but an operating platform that can jointly build with the agreement team, import the treasury into high-quality chain scenarios, and continuously compound ETH exposure.
If BTC-type DAT corresponds to“Perfect collateral + long-term scarcity”, then ETH type DAT is more favorable“Programmable cash flow + ecological reach”.
The SOL faction’s head
Solana’s exposure on the corporate side has just begun, but the signal is not small.
Upexi announced its turn to Solana-type DAT, with plans to raise $100 million with the support of GSR to build a SOL treasurer, and the Solana Foundation also publicly endorsed.
DeFi Development Corp has disclosed that it holds more than one million SOLs, advocates long-term holding and pledge, and position itself as the SOL native treasury carrier, rather than a passive holder.
At the same time, Galaxy, Jump, Multicoin and others are planning to form a $1 billion Solana treasury through a listed company, and have also received support from Cantor.
Why do DAT
The modern CFO’s treasury has three core priorities:Keep purchasing power,Mobility anytime, anywhere,Continuously create strategic choices.
Bitcoin canOutperformDepreciation of fiat currencyandHedging inflation, and the long-term dimension is very strong with stocks and bondsNon-relevant.
Ethereum, and even the more aggressive Solana,Revenue through pledge.
Stablecoins are global working capital – real-time settlement, transparent rate, programmable, suitable for cross-border businesses.
Adding up these will make the enterprise treasury go from a “static burden” to a “dynamic system”.
And stablecoins are actually the undervalued main line here.
From 2024 to 2025, the product market fit (PMF) of stablecoins is no longer refuted, and payment giants have begun to make full use of them.
The signal sent by Stripe’s acquisition of Bridge is clear: settlement should be completed at Internet speed, and merchants need to have more predictable control over rates and foreign exchange costs.
As the US regulatory framework gradually becomes clear, the dollar stablecoin will move towards “ordinary corporate cash equivalents” – the only difference is that it is minutes to account, 7×24 runs, and can also be written into the workflow.
This is why DAT does not just put crypto on the balance sheet.
It is more like a global cash operating system, and more suitable for the future global multinational 7×24 business model.
What to do if the market fluctuates
Questioners will ask: “What if crypto assets fall 80% again?”
The answer lies in “design”.
DATs that can travel through the cycle will leave enough fiat/stable currency buffers that cover many years of daily expenses and debt services, and use low-interest and long-term liability structures to choose to enter the capital market in a strong window.
At the same time, accounting standards transition from “historical cost” to “fair value”, reducing information asymmetry and allowing CFOs to manage BTC and ETH like other market capitalized assets.
Why is DAT better than ETF
There is another question: Since there are spot ETFs, why should you hold DAT?
Because DAT can do things that ETFs can’t do.
It can actively optimize entry points, leverage or financing at the right time, pledge ETH and SOL to obtain profits, lend BTC prudently, and even create products and content, expand the underlying network.Native Products”Real demand.
What investors buy is the equity of a company that “has its own treasury”, not a share that charges management fees but has no strategic upward space.
In short, ETFs just give you “exposure”, and DATs can also give you alpha and “influence”.
The complete puzzle of stablecoins and RWA
A fully-on-chained treasury can be used to make cash with stablecoins, use RWA to layout low-risk returns, and use BTC/ETH to allocate long-term upward assets – these are all in the same wallet, moved between subsidiaries and upstream and downstream partners at any time, without being restricted by bank business hours.
Taking OKX, which is both in the United States and offshore, as an example, at the stablecoin level, OKX and USDG cooperate to build a global dollar network. USDG can enable automatic interest generation in its exchange account, improving the efficiency of idle funds without sacrificing liquidity.
When U.S. policy opens the door to tokenized assets for long-term accounts such as 401(k), while establishing a federal-level stablecoin framework, corporate finance and crypto infrastructure will truly converge.
In this puzzle, the integration of “payment-transaction-on-chain settlement” is becoming an industry consensus.
Whoever hugs first will set standards; the sooner the company practices, the more compounded the profits can be.
DAT is the future of every company
Back to the beginning: Every company should become a DAT company.
Because the future business world is – whether it is between employees, or between upstream and downstream customers and partners – it isA world of global transnational 24×7 all year round.
First of all, the company’s “first principle” should also be its core business-Continue to produce good products, serve customers, care for employees, and keep cash flow.
But above this, you can stack a layer of DAT strategy.More in line with the future global multinational 7×24 business model.
You can leave a prudent proportion of BTC for long-term protection and alpha, or gradually accumulate ETH/SOL based on the business roadmap and income needs; use stablecoins to serve as the blood of global working capital; treat RWA as a high-liquid asset equivalent to cash.
First protect runway, second control leverage, and finally narrative – you are not only protecting your balance sheet, but turning it into a “competitive weapon” for the company.
