Original Author: CoinGecko

Original Translation: AididiaoJP, Foresight News

Since 2020, the rise of digital asset treasury companies has become one of the most iconic developments in the cryptocurrency space. While media attention has largely focused on ETFs, meme coins, and next-generation DeFi protocols, DATCo has quietly emerged as a powerful new force in the market.

So how did DATCo grow from a marginal corporate experiment to a formidable force spanning Bitcoin, Ethereum, and various altcoins, with a scale of $130 billion?

This article takes you through how digital asset treasury companies have become the star players of this cycle.

Summary

• Public companies began incorporating cryptocurrencies into their reserve assets in 2017, and the rise of Strategy has made pure business DATCo the focus.
• The number of DATCo surged from 4 in 2020 to 142, with 76 established in 2025.
• DATCo invested a total of $42.7 billion in 2025, with more than half occurring after the third quarter.
• Strategy dominates the field, holding $70.7 billion in assets, accounting for about 50% of the total value of all DATCo crypto assets.
• DATCo stocks skyrocketed in the first 10 days (e.g., BitMine increased by 3,069%), followed by widespread corrections.

The Rise of Strategy Makes Pure Business DATCo the Focus

Digital asset treasury companies first appeared in 2017, primarily as publicly listed cryptocurrency mining companies. Strategy emerged as the first pure business DATCo in August 2020, leading to a wave of similar companies.

By the end of 2023, the U.S. Financial Accounting Standards Board introduced cryptocurrency accounting standards, allowing DATCo to measure their crypto assets at fair value and recognize the appreciation as income. This policy significantly enhanced the performance of DATCo's balance sheets.

Additionally, former President Trump's friendly stance towards cryptocurrencies, along with the soaring prices of crypto assets like Bitcoin, collectively drove a massive influx of Wall Street funds into the sector, including DATCo.

Against the backdrop of weak fiat currency performance, many publicly listed companies with non-crypto main businesses also began incorporating crypto assets into their reserve strategies to hedge against currency devaluation risks.

As of October 2025, there are a total of 142 DATCo, with 76 established in 2025.

The first DATCo was Hut 8 Mining Corp, a Bitcoin mining company listed on the Toronto Stock Exchange in November 2017. From 2017 to 2020, cryptocurrency mining companies were the primary form of DATCo. It wasn't until August 2020 that Strategy emerged as the first pure business DATCo.

As of the end of October 2025, the total value of all crypto assets held by DATCo has reached $137.3 billion, more than doubling since the beginning of the year (+139.6%).

Among the 142 DATCo, 113 (79.6%) hold Bitcoin as a reserve asset, while 15 and 10 hold Ethereum and Solana, respectively. In terms of dollar value, Bitcoin accounts for 82.6% of all DATCo crypto assets, followed by Ethereum (13.2%) and Solana (2.1%).

In terms of geographical distribution, the U.S. has the most DATCo, totaling 60, accounting for 43.5%; Canada and China follow with 19 and 10, respectively. Japan has only 8, but notably, it has the fifth largest DATCo, Metaplanet, which is also the largest DATCo outside the U.S.

DATCo Invested a Total of $42.7 Billion in 2025, with More Than Half Occurring in the Third Quarter

In the third quarter of 2025, cryptocurrency DATCo invested at least $22.6 billion in new asset acquisitions, making it the largest spending quarter to date. Among this, altcoin DATCo contributed $10.8 billion, accounting for 47.8%. Since the beginning of 2025, DATCo's total expenditure on acquiring crypto assets has reached at least $42.7 billion.

Bitcoin DATCo is the largest buyer, having cumulatively purchased at least $30 billion in BTC since the beginning of 2025, accounting for 70.3% of all DATCo crypto asset purchases.

Ethereum DATCo is the second largest buyer, reporting purchases of at least $7.9 billion in 2025. Most of this procurement occurred in August, with ETH purchases worth at least $7.1 billion, coinciding with Ethereum's price surge to a historical high of $5,000.

Other assets like Solana, BNB, and WLFI accounted for 11.2% of the purchases in 2025. As more altcoins are incorporated into reserves, this proportion is expected to rise. However, Bitcoin and Ethereum remain the preferred assets for DATCo.

Strategy Accounts for About 50% of the Total Value of All DATCo Crypto Assets

Strategy leads with a Bitcoin holding of $70.7 billion, far ahead of other DATCo. Among the top 15 DATCo, only three are altcoin DATCo: BitMine Immersion (2nd), Sharplink (5th), and Forward Industries (14th). Notably, all three transitioned to DATCo after June 2025, indicating their rapid asset accumulation.

Among the top 15 companies, seven are pure business DATCo, while cryptocurrency mining companies only occupy three spots.

Among the five publicly listed companies holding crypto reserves, four are engaged in cryptocurrency-related businesses, excluding Tesla.

Currently, Strategy holds 3.05% of the total Bitcoin supply; BitMine Immersion holds 2.75% of the total Ethereum supply; and Forward Industries holds 1.25% of the total Solana supply.

DATCo Stocks Skyrocketed in the First 10 Days, Followed by Widespread Corrections

Most DATCo experience a rapid increase in stock prices within the first 10 days after announcing their transition, usually followed by a pullback.

Some companies' stock prices even achieve several times growth within 10 days, with BitMine Immersion's return rate reaching as high as 3,069%.

The only exception is Metaplanet, whose stock price rose about 100% in the first 10 days, but it took 269 days to reach a peak return of approximately 6,200%.

Most DATCo stocks had already experienced significant volatility before the official transition, which typically only early buyers or insiders could benefit from. Such situations have sparked controversy, and the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority are conducting insider trading investigations.

However, these upward trends are often difficult to sustain, with most DATCo stocks experiencing significant declines within days after the transition. For example, ALT5 Sigma's stock price fell 71% 44 days after the transition. Its WLFI assets have also performed poorly, down 56% since listing.

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