Crypto treasury firms hold about $105 billion in assets and could become key players in blockchain.Crypto treasury firms hold about $105 billion in assets and could become key players in blockchain.

Crypto treasuries set to become blockchain’s Berkshire Hathaway

2025/09/28 14:22

Ryan Watkins, co-founder of the thesis-driven hedge fund Syncracy Capital, shared his vision that crypto treasury companies that accumulate tokens could soon transition from being viewed as speculative investments to lasting economic powerhouses for blockchains. 

In a blog post, Watkins highlighted recent analysis pointing out that digital asset treasuries (DATs) collectively hold around $105 billion in assets. This includes Bitcoin, Ether, and other significant cryptocurrencies. Notably, DAT companies are publicly traded firms that raise funds to purchase and manage cryptocurrencies on their balance sheet.

Concerning DAT’s recent asset holdings, Watkins asserted that most investors in the crypto market have not yet recognized this scaling. He, therefore, urged individuals to stay updated as he speculated that a few of these companies might turn into reliable operators who can support funding, govern, and develop within the networks of the tokens they possess.

Watkins envisions crypto treasury firms becoming game changers in the blockchain ecosystem 

Earlier, Watkins analyzed the crypto market and discovered that most investors had mainly concentrated on short-term trading trends such as premiums over net asset value, updates on fundraising, and asked questions like “what is the next token?”. According to him, this focus was all an overlook of a bigger picture.

He emphasized, “We envision certain DATs becoming for-profit public firms similar to crypto foundations but with broader objectives to invest capital, manage businesses, and participate in governance.”

In the meantime, reliable sources revealed that some DATs already possess considerable portions of the token supply. This has enabled those firms to turn their treasuries into something more than just a storage, establishing them as tools for policy formulation and product development within the industry.

Watkins expanded on the recent crypto analysis by emphasizing how scale plays a critical role in the industry. He cited Solana as an example, noting that RPC service providers and market makers who stake more SOL can enhance transaction throughput and profit from price discrepancies. Similarly, in the case of Hyperliquid, he explained that interfaces staking larger amounts of HYPE could lower user fees or boost earnings without incurring additional costs.

Based on his argument, possessing significant, stable pools of native assets is important as it can help these businesses expand and thrive. To demonstrate their unique features, Watkins compared these approaches to Strategy’s emphasis on BTC, which is centered on managing capital for a non-programmable asset. Unlike this game plan, he explained that tokens on smart contract platforms such as HYPE, SOL, and ETH are programmable and can be utilized directly on the blockchain.

Watkins compared successful DATs to the growth mindset adopted in Berkshire Hathaway

Watkins also discovered that DATs holding HYPE, SOL, and ETH can earn fees by staking them, offering liquidity, lending them out, participating in governance, and gaining important ecosystem elements, such as validators, RPC nodes, or indexers. This is a game-changer for the companies as it turns their treasuries into sources of income.

To further point out a crucial aspect of this strategy, Watkins structurally compared successful DATs to a collection of popular models. These factors integrate the permanent capital present in closed-end funds and Real Estate Investment Trusts (REITs), the focus on balance sheets that is common among banks, and the growth mindset adopted in Berkshire Hathaway. 

According to him, what distinguishes them is that returns are generated from crypto per share, not management fees. This makes these investments more similar to direct bets on the underlying networks instead of adhering to the usual approach of asset managers.

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