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Exploring the On-Chain Effects of ETH Treasury Companies
Digital asset treasuries (DATs), or public companies that accumulate crypto-assets like BTC or ETH on their corporate balance sheets, have emerged as a new channel for market access. The 2024 launch of spot ETFs unlocked a wave of demand from investors previously unable to hold BTC and ETH through direct custody. Similarly, digital asset treasuries provide exposure to these assets and their ecosystems through publicly traded equity, with the ability to raise and deploy capital strategically. We previously delved into Michael Saylor’s Strategy playbook, raising funds through equity and convertible debt issuance to ... (full story)