This year, a new capital narrative—Digital Asset Treasury (DAT)—has emerged as the driving force behind the crypto market over the past three months, injecting substantial buying power into mainstream altcoins and redefining corporate balance sheets for the Crypto era.

In every crypto cycle, certain engines ignite the market's rally. This year, DAT has taken on that role, fueling the rise of altcoins while reshaping how companies manage their treasuries in the age of digital assets.

Every crypto cycle begins with Bitcoin leading the charge. This cycle, Bitcoin’s surge has been propelled by four major forces:

1. The Conviction of Long-Term Holders (LTHs)
Long-Term Holders (LTHs) act as the bedrock of Bitcoin’s market stability, forming strong consensus around key price levels. On-chain data reveals that after enduring the previous cycle’s downturn, LTHs’ BTC holdings peaked in Q4 2023 at 14.52 million BTC—a historic high. Their "diamond hands" mentality has solidified the market’s foundation and tightened circulating supply.

Data Source: Glassnode

2. The Flood of Bitcoin ETF Capital
Since 2024, traditional financial giants like BlackRock and Fidelity have launched Bitcoin spot ETFs, amassing over $15 billion in net inflows within just three months. To date, these ETFs have accumulated a net purchase of 596,300 BTC (worth over $150 billion), fundamentally altering the crypto market’s capital structure.

Data Source: Coinglass

3. Corporate DAT Strategies
MicroStrategy pioneered the Bitcoin Treasury strategy, creating a capital alchemy model driven by stocks, bonds, and Bitcoin. By issuing zero-coupon convertible bonds and equity to fund BTC purchases, the company boosted its valuation, stock price, and refinancing capabilities. The underlying logic: when a firm’s market cap exceeds the value of its crypto holdings, it can leverage financial instruments (e.g., equity offerings, convertibles) to raise capital and acquire more crypto assets at lower costs. MicroStrategy’s strategy has inspired 134+ companies to adopt BTC treasuries, collectively amassing over 949,000 BTC.

Data Source: CoinMarketCap

4. National Strategic Bitcoin Reserves
In early 2025, following Trump’s return to the White House, an executive order mandated the establishment of a Strategic Bitcoin Reserve (SBR) at the national level. This directive pushed the Treasury and state governments to explore BTC as a geopolitical reserve asset, adding a new dimension to Bitcoin’s value proposition.

Data Source: BitcoinTreasuries

With these four engines, Bitcoin soared to $120,000. However, no new catalysts have emerged to propel it further. Instead, MicroStrategy’s treasury strategy has inspired institutions to apply DAT to mainstream altcoins, unlocking fresh momentum.

Despite Ethereum ETFs’ approval in 2024, ETH/BTC ratios remained weak—until April 2025, when DAT strategies reignited ETH’s rally. Leading the charge were two firms whose ETH holdings surpassed even the Ethereum Foundation’s: BitMine (BMNR) and Sharplink Gaming (SBET).

Sharplink Gaming (SBET)
On May 27, 2025, SharpLink Gaming announced a $425 million funding round to acquire ETH as its primary treasury asset, becoming the first ETH reserve company. Consensys led the round, with participation from Pantera Capital, ParaFi Capital, and Galaxy Digital. Joseph Lubin (a key Ethereum co-founder and Consensys founder) joined as Board Chairman and strategic advisor.

Since launching its ETH treasury strategy, SharpLink has accumulated 428,200 ETH, surpassing the Ethereum Foundation’s holdings.

BitMine (BMNR)
On June 30, 2025, BitMine raised $250 million to initiate its ETH treasury strategy, backed by Pantera Capital, Founders Fund, Galaxy Digital, and Kraken. Later, it secured investments from Peter Thiel and Ark Investment’s Cathie Wood.

Under Chairman Tomas Jong Lee (ex-JPMorgan strategist and crypto bull), BitMine rapidly amassed 625,000 ETH, eclipsing SharpLink and the Ethereum Foundation.

Data Source: Strategicethreserve

These "Treasury Titans" not only brought transparent capital inflows but also inspired firms like The Ether Machine, Bit Digital, and GameSquare Holdings to adopt ETH treasury strategies. Their dominance has shifted ETH’s price trajectory and even challenged the Ethereum Foundation’s influence.

ETH’s DAT success spurred adoption across other altcoins:

• SOL: Eight companies now hold 3+ million SOL in strategic reserves, led by Upexi (1.8M SOL) and DeFi Development Corps (999,900 SOL). Upexi’s staking strategy yields ~$26M annually at 8% APY.

• BNB, ENA, HYPE: Projects like CEA Industries (VAPE) and StablecoinX (backed by Ethena Foundation) have launched DAT strategies.

Data Sources: Project disclosures

In summary, DAT has evolved from a Bitcoin-centric model to the primary engine for altcoins, reshaping market dynamics and corporate strategies in the crypto space.