Strategy’s Michael Saylor, the treasury pioneer
Kapustina explained that while Michael Saylor’s Strategy pioneered the DAT model with Bitcoin (BTC), this year has proven the model works beyond just Bitcoin, with successful launches around Ether (ETH), Solana (SOL), and her own company, which is a treasury for The Open Network’s native token, Toncoin (TON).
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Kapustina said there are several evolution paths for DATs, including infrastructure provision, potential banking services and acquiring banking licenses, mergers and acquisitions, and technology bridges between chains.
Over the long term, investors will be able to appreciate the true value of DATs from a “functionality perspective, from a utility perspective, for the networks they invest in, in terms of not just being a bridge between TradFi and crypto, but securing the network,” she said.
Crypto treasuries accumulate
Corporate crypto treasuries have been hoovering up digital assets all year, despite many cryptocurrencies being close to all-time high values.
There is currently more than 1.3 million BTC worth around $157.7 billion, equating to 6.6 % of the circulating supply, in public and private corporate treasuries, according to BitcoinTreasuries.NET.
Meanwhile, Ether DATs have scooped up 5.5 million ETH worth roughly $24 billion and around 4.5 % of the total supply, according to StrategicEthReserve.
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Additional reporting by Ciaran Lyons.