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The Rise and Repricing of Digital Asset Treasuries

Indices

DAT

Macro

Written by Laurens Fraussen , Adam Morgan McCarthy , Thomas Probst

06/01/2026

    Welcome to the Data Debrief!

    Welcome back to the Data Debrief! As digital assets mature and market structure deepens, corporate and institutional crypto holdings are being reclassified from speculative bets to managed treasuries. Instead of sitting passively on balance sheets, these positions are increasingly treated as a distinct asset pool, with dedicated strategies for liquidity, risk, and yield.


    • DATs are evolving into a core component of balance sheet strategy

    • A maturing market structure enables more consistent pricing, liquidity, and risk control

    • Repricing across assets and yields is reshaping how institutions hold and manage crypto

    The Rise and Repricing of Digital Asset Treasuries

    The Digital Asset Treasury company landscape has structured itself around one principle: using crypto as a strategic treasury asset. As we mentioned, the growth of this industry is driven by several factors such as improved market structure, but we can also note a growing acceptance among investors.

    Looking at the price performance chart for 2025, we can see that DAT companies outperformed the S&P 500 before collapsing following the October 10th crash, when price crashes triggered over $19 billion in liquidations. They have since failed to recover.

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    Data Used In This Analysis

    Our industry-leading research is the direct result of combining our proprietary data with world-class in-house experts. Bringing the very best of Kaiko’s people and data together, we unlock the unique insights that form the basis for our discoveries and analysis. We believe in doing so, our data speaks for itself, helping both our clients and the wider industry get a better understanding of the crypto ecosystem, and the evolving trends and patterns in motion at a regional and global scale.

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