Author: Sankalp Shangari, Translated by: Shaw, Jinse Finance
Abstract
As a digital asset treasury (DAT) for on-chain "enthusiasts", what are these companies becoming?
Not just treasury reserves, but also programmable capital structures;
Not just balance sheets, but liquidity engines;
Not just cryptocurrency holders, but builders of a crypto-native financial ecosystem.
The corporate finance departments of the 2020s will no longer resemble traditional CFO offices, but more like a real-time, blockchain-driven, API-equipped, treasury and validator-enabled hedge fund.
They will handle cross-border payments through stablecoins. Invest funds into ecosystems they help govern. Issue tokens, establish special purpose vehicles (SPVs), and conduct macro hedging - all completed on-chain.
Yesterday's DAT held Bitcoin. Today's DAT operates a flywheel. Tomorrow's DAT will control a programmable capital machine.
They will issue stocks to buy ETH. They will perform yield farming with nine-digit balance sheets. They will stake governance tokens to shape ecosystems, doing so while reporting quarterly to Wall Street. They will blur the lines between treasuries, venture capital funds, and protocol operators until only printing yield curves remains.
Welcome to a new era of capital formation, conceived by cryptocurrency, presented in equity form, and managed jointly by spreadsheets and smart contracts.
In this corporate summer showcase, spreadsheets gather dust, and balance sheets undergo digital transformation. Listed companies worldwide are abandoning mundane capital plans, boldly venturing into cryptocurrency gambles - a scene worthy of an opera.
Forget R&D hype or fancy product launches. This season's headline event is not a new gadget or service - but financing, directly depositing proceeds into cryptocurrency wallets and letting the market work its magic. From French chip manufacturers to Texan electric bicycle startups, the lineup is diverse. This is your front-row ticket to experiencing corporate cryptocurrency fever.
Phase One - Accumulation Era
"A fallen cowboy once roamed the DeFi wilderness; now, Wall Street suits have entered the same domain."
What Happened:
Since June, nearly 100 listed companies have initiated token purchase activities, raising over $43 billion - twice the total IPO funding in the US for 2025.
MicroStrategy leads with 607,770 bitcoins on its books (approximately $43 billion); Trump Media has invested $2 billion in Bitcoin and its derivatives.
Special Purpose Acquisition Companies (SPACs) have evolved into "cryptocurrency treasuries" (like ReserveOne, Bitcoin Standard), offering cutting-edge investment opportunities for retail investors.
Why It Matters:
This is more than fund management; it's performance art enacted through stock tickers.
What was initially a marginal experiment (like the "DeFi Summer" of 2021) has transformed into mainstream finance wearing a tuxedo.
GENIUS & CLARITY Act: Stimulating stablecoin competition; impacting Circle's valuation before its Q2 financial report on August 12.
ETH as an Enterprise Strategy: SharpLink Gaming's 360,807 ETH reserves, up 110% this month, signaling a new on-chain treasury model.
Circle Declining While Galaxy Rises
Analysts call it an "integrated provider" for institutions, surpassing single-service companies like FalconX and NYDIG.
GENIUS and CLARITY Acts provide support for Galaxy's stablecoin custody, issuance, and AI data center businesses.
Currently, over two-thirds of Galaxy's value comes from its infrastructure, such as the Helios facility (formerly Argo Blockchain), which now hosts CoreWeave's AI and high-performance computing business.
DAT meets computation, creating a vertically integrated architecture.
A key driving factor behind this enterprise crypto flywheel is the concept of mNAV, which measures the real-time value of crypto assets held by a company relative to its stock market value. When a publicly traded company accumulates significant crypto assets and their price rises, its mNAV increases dramatically. The gap between actual token value and stock value becomes a tradable narrative. The market begins to price not just from an operational perspective, but also from the potential future token appreciation, often with a premium. This leads to soaring stock valuations, enabling companies to issue more stocks or convertible bonds under favorable conditions, then reinvest these funds in purchasing more cryptocurrencies. It's a self-reinforcing cycle: crypto reserves → higher mNAV → higher stock price → more funds → larger reserves. In this cycle, mNAV is not just a valuation tool, but fuel for driving the next growth phase.
Survival Handbook:
Have a Strategy: Don't just buy tokens - tailor financial products.
Stay Flexible: Adjust incentives with changing regulatory requirements and financial reporting seasons.
Build Infrastructure: Go beyond hoarding; launch APIs, treasuries, and validators.
DAT Summer or Corporate Casino?
Initially a trickle - a few adventurous companies testing waters in crypto. Now, it has evolved into a surging wave filled with various file submissions, financial disclosures, and capital flows. Welcome to "DAT Summer", where public companies are not just hoarding digital gold, but weaponizing it.
Yesterday's DAT held Bitcoin.
Today's DAT runs a self-reinforcing flywheel.
Tomorrow's DAT will be a programmable capital machine: issuing stocks to buy ETH, performing yield farming with nine-digit balance sheets, and shaping ecosystems through governance.
We've entered an era where the question is no longer whether companies will hold cryptocurrencies, but how much, in what areas, and what new tricks they'll come up with next. Whether this will evolve into a new financial architecture or just the most elaborate corporate roulette game in history remains to be seen. But one thing is certain: the casino doors are open, and the chips are digital.
This is either a completely new financial architecture built on digital gold, or the most elaborate corporate roulette game in history. Either way, this Wall Street summer is less a strategic meeting and more a casino filled with laser eyes and "FOMO" market sentiment.
Welcome to DAT Summer, where public companies not only buy digital assets but weaponize them.
