通过 SOC 2 II 类认证 · ISO 27001

Figures and company positioning in this guide are current as of August 2026. Treasury holdings, mNAV multiples, and financing terms change frequently.

For decades, corporate treasuries had one job: preserve capital.

Cash, short-term bonds, and other liquid assets sat on the balance sheet while the operating business generated value.

Digital Asset Treasury Companies (DATCOs) challenge that model.

They raise capital to acquire Bitcoin, Ethereum, Solana, and other digital assets and hold it as a core strategy. Some trade at steep premiums to the value of their holdings. Others trade at a discount and are quietly unwinding.

This guide explains what DATCOs are, how they work, and the leading digital asset treasury companies shaping this emerging sector.

What Are DATCOs?

Digital Asset Treasury Companies (DATCOs) are usually public companies that raise capital to buy and hold cryptocurrencies or digital assets as a core treasury strategy.

This strategy influences their fundraising, capital allocation, investor relations, and long-term value creation.

Plenty of companies hold Bitcoin. Tesla and Block hold some. Fintech firms usually keep stablecoins to settle customer payments.

Neither raises equity specifically to buy more of it, and neither treats it as the reason the company exists on public markets. A DATCO does both.

What Makes a Company a DATCO?

A company generally qualifies as a DATCO when:

1. Its market valuation is linked to treasury execution.

2. Digital assets are a core treasury asset.

3. Capital is regularly raised to acquire more digital assets.

Beyond this, DATCOs usually report treasury metrics as their primary performance indicator.

DATCOs are a very new corporate format. Even so, they already come in a few different flavors.

Types of Digital Asset Treasury Companies (DATCOs)

By operating model, there are three different types of DATCOs.

1. Pure Treasury Companies

Pure treasury companies exist primarily to accumulate and manage digital assets, and their identity is the treasury strategy.

They focus on raising capital, acquiring digital assets, managing leverage, and increasing treasury assets per share over time.

Twenty One Capital is built this way from the ground up. Strategy (formerly MicroStrategy) evolved into this model even though it started as a software company.

2. Operating Companies with Digital Asset Treasuries

These companies already generate revenue through an operating business and later add a strategic digital asset treasury.

Examples include fintech firms, exchanges, or companies that consciously allocate a portion of corporate reserves to Bitcoin or other digital assets.

3. Crypto Mining Companies

Mining companies naturally accumulate cryptocurrencies through block rewards. Many evolve into DATCOs by simply choosing to hold rather than sell. Their treasury grows through both operations and capital formation.

Bit Digital mined Bitcoin for years, then sold its BTC and moved its treasury to Ethereum in 2025, alongside a separate HPC and AI datacenter business.

Knowing what qualifies as a DATCO is only the starting point. The more interesting question is how these companies actually operate.

How Does a DATCO Work?

DATCOs have one ongoing function: they raise capital, acquire digital assets, and manage that treasury over time.

The operating model revolves around three interconnected components: valuation, financing, and capital deployment.

mNAV: Understanding the Premium-to-NAV Relationship

A DATCO's performance is usually headlined by how investors value it at more than the market value of the digital assets it owns.

This premium is called mNAV, or Multiple of Net Asset Value. At its simplest:

mNAV = company's market value ÷ treasury value.

One caveat before going further. This simple version uses market capitalization. Analysts covering leveraged treasury companies often use enterprise value instead, adding debt and preferred stock and subtracting cash. For a company financed entirely with equity the two are identical. For one carrying multiple preferred series and convertible notes, the enterprise value version is meaningfully higher and is the more honest read. Check which denominator a given mNAV figure uses before comparing companies.

If a company owns $1 billion worth of digital assets in its treasury and has a market capitalization of $2 billion, then it is trading at an mNAV of 2.

There are two ways mNAV can go.

mNAV > 1 means investors believe the company is worth more than the market value of its treasury assets.

When a DATCO trades above NAV, it can compound its digital assets. Because new shares are issued above the value of the underlying treasury, the proceeds can buy enough additional digital assets to offset the dilution.

For example, take a company with a $1 billion treasury and 1 billion shares outstanding, so treasury backing per share is $1.00. At an mNAV of 2, its shares trade at $2.00. It raises $200 million, which is 20% of treasury value, by issuing 100 million new shares. Treasury rises to $1.2 billion against 1.1 billion shares. Backing per share is now $1.09, higher than before despite the dilution. This is called accretive equity issuance.

mNAV < 1 means the market values the company at less than the worth of its treasury assets.

A discount tells a different story: issuing equity is typically destructive. New shares are sold below the value of the underlying treasury, so dilution outpaces the additional digital assets purchased.

Run the same raise at an mNAV of 0.7 and it reverses. Shares trade at $0.70, so raising the same $200 million requires issuing roughly 286 million shares. Treasury rises to $1.2 billion but the share count rises to about 1.29 billion. Backing per share falls from $1.00 to roughly $0.93.

For this reason, DATCOs trading below NAV often rely on other financing options, or wait until market conditions improve before raising equity.

Because mNAV influences how efficiently a DATCO can raise capital, it is one of the most closely watched metrics in the sector.

Fundraising and Capital Financing Strategies

DATCOs raise capital through a handful of repeat instruments. Which one they use depends on market conditions, investor demand, and the company's valuation.

Common options include:

Zoom out and the table tells a story. It moves from equity to hybrid securities to debt, mirroring how treasury companies actually think about capital structure.

Raising the money is only half the job. What a DATCO does with it next, whether it holds, stakes, or lends, determines whether the capital compounds or just sits there.

How DATCOs Deploy Capital

Once capital is raised, DATCOs generally deploy it in one of two ways:

• Hold for capital gains.

• Stake assets for yield, along with capital appreciation.

Most DATCOs stop at hold or stake. There is a potential third format, lending and liquidity provision, but it is rare at scale because the extra yield is not worth the added risk for most treasuries yet.

DATCOs also rarely deploy every dollar. Most maintain liquidity, holding cash reserves to fund operations, service debt, or wait for a better time to acquire digital assets.

We know what a DATCO is and how they operate. Next, let's look at the major players in this emerging sector.

Quick Snapshot of Leading DATCOs

This is a quick look at the leading DATCOs and their deployment strategies, grouped by the assets they work with.

Bitcoin remains the dominant treasury asset today, but Ethereum and Solana treasury companies are catching up quickly, with staking yield as the differentiator.

Top Bitcoin Treasury Companies

Bitcoin treasury companies typically follow the simplest model: raise capital, acquire BTC, and grow Bitcoin per share over time.

Top Ethereum Treasury Companies

Ethereum treasury companies combine asset accumulation with staking, letting the treasury generate native onchain yield.

Top Solana Treasury Companies

Solana treasury companies often go beyond holding SOL by operating validators and participating in staking.

The same mechanisms that let DATCOs compound price growth can also amplify the downside. Here are the risks and challenges to weigh.

Risks and Challenges of DATCOs

Investing in a DATCO means taking exposure to two variables:

• The performance of the underlying digital assets.

• The company's ability to manage capital.

That exposure creates a set of operational risks and strategic challenges for a DATCO to navigate:

None of these risks are unique to DATCOs. What makes them significant is their interaction. A decline in digital asset prices can reduce a company's premium to NAV, making future capital raises more expensive. Limited access to capital can then slow treasury growth, further weakening investor confidence.

Did you know? In 2026, Strategy began selling Bitcoin to cover preferred dividend payments. It sold 32 BTC in late May, its first disposal since 2022, then 3,588 BTC for roughly $216 million between June 29 and July 5 under a newly approved BTC Monetization Program. Both sales priced below its $75,476 average cost basis, and the company reported no ATM equity sales during that period. The premium had compressed far enough that selling Bitcoin was cheaper than issuing stock, which is the mNAV mechanism above running in reverse.

For that reason, evaluating a DATCO involves more than tracking the price of its treasury assets. The quality of its capital allocation, financing discipline, and corporate governance matter just as much.

So what lies ahead for DATCOs?

Future of DATCOs: Redefining Corporate Treasuries, or Just a Fad?

For most of modern corporate history, a balance sheet has been viewed as a store of capital. Operating businesses created value; the treasury protected it.

DATCOs challenge that assumption. For the first time, public markets are treating treasury management itself as a source of enterprise value.

That idea extends beyond cryptocurrencies. If digital assets keep maturing as an asset class, the same playbook could eventually apply to tokenized Treasuries, commodities, private credit, carbon assets, or entirely new forms of programmable financial assets.

The more interesting question, then, is not whether DATCOs will accumulate more Bitcoin or Ether. It is whether public companies have found a new way to turn scarce, long-duration assets into investable businesses.

If that proves true, DATCOs may be remembered as the first generation of a broader shift in how corporate balance sheets create value.

FAQs on DATCOs

1. Is a DATCO the same as a crypto ETF?

No, though the gap narrowed in 2026. Staking ETFs now exist, so yield is no longer the dividing line. What still separates them is capital structure. An ETF issues and redeems shares at NAV through creation units, holds no debt, and cannot grow assets per share. A DATCO can issue equity above NAV, take on convertible debt and preferred stock, and use those proceeds to increase digital assets per share. An ETF gives you exposure. A DATCO gives you exposure plus a leveraged capital allocation bet on management.

2. Why do institutions buy DATCO stock instead of the crypto directly?

Most fund mandates permit stocks and bonds but not direct cryptocurrency purchase or custody. A DATCO's shares qualify as ordinary equity, with no mandate change required. Spot and staking ETFs now offer a compliant route as well, so access alone is a weaker argument than it was. What a DATCO still offers that an ETF does not is leverage and the possibility of compounding assets per share, which is why the two attract different mandates rather than competing directly.

3. What does an mNAV above 1 mean?

It means the company's shares trade at a premium to the value of its underlying digital asset treasury.

4. What happens when a DATCO's stock trades below NAV?

Issuing new stock stops being profitable and starts diluting existing shareholders. Most companies pause issuance until the premium returns.

5. How do DATCOs make money?

Through digital asset appreciation, accretive capital raising, treasury management, and, where applicable, staking or other yield strategies.

6. Why do DATCOs issue new shares?

To raise capital for acquiring more digital assets. If issued above NAV, new equity can increase digital assets per share.

7. Can a DATCO go bankrupt?

Yes. Debt obligations, dividend payments, or a sustained discount to NAV can force asset sales or insolvency, the same as any company.