Cryptocurrency companies that serve as digital asset treasuries (DAT), which accumulate significant amounts of tokens on their own balance sheets, have the potential to transform from temporary speculative tools into key economic drivers of the blockchain ecosystem. This was stated by Ryan Watkins, co-founder of Syncracy Capital, who compared such companies to ‘Berkshire Hathaway’ in the blockchain world, as they not only accumulate capital but also actively influence the development of the ecosystem.
This is reported by Business • Media
DAT Companies — New Players with Billion-Dollar Assets
According to Watkins, the portfolios of DAT companies already hold around $105 billion in Bitcoin, Ethereum, and other leading cryptocurrencies. However, the market has yet to fully grasp the scale of their influence. The analyst emphasizes that while attention is often focused on short-term factors — such as NAV premiums, funding rounds, or the selection of the next token — the potential of DAT is significantly broader. They could become key participants in the management and development of networks.
“We envision individual DATs as commercial, public analogs of crypto funds, but with broader mandates for capital allocation, business launches, and participation in governance,” wrote Watkins.
The Impact of DAT on the Development of Blockchain Ecosystems
Watkins cited examples like Solana and Hyperliquid, where large stakers directly influence network efficiency. In particular, RPC providers and market makers with substantial holdings of Solana (SOL) coins can accelerate transaction confirmations and reduce spreads. Meanwhile, frontends with larger staking volumes in Hyperliquid (HYPE) can lower fees for users.
Recently, the Irish company Brera Holdings PLC became a DAT company for Solana under the name Solmate, indicating the growth of this trend.
Unlike traditional strategies focused on a single asset (e.g., Bitcoin), DAT companies leverage programmable coins — ETH, SOL, HYPE — to generate income directly on-chain. This can include staking, providing liquidity, lending, participating in governance, and acquiring ‘ecosystem primitives’ such as validators or nodes.
“These DATs exist at the intersection of several familiar businesses. They borrow the permanent capital structure of closed-end funds and REITs [real estate investment trusts], the balance sheet orientation of banks, and the long-term compounding philosophy of Berkshire Hathaway,” emphasized Watkins.
The analyst added that unlike traditional asset managers, income for DATs accumulates in cryptocurrency per share rather than as commission payments. However, not all companies will survive in this market: most projects based solely on financial engineering without operational resilience may disappear during market shifts. Watkins predicts consolidation, active funding experiments, and even risky balance sheet maneuvers in response to changing market conditions.