Crypto Long & Short:The Rise of Digital Asset Treasury Companies

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RegExp("[?&]notifications=1(&|#|$)");"desktop"===y&&i&&b.test(window.location.search)&&(i.checked=!0)};ge("ybar-mod-notification",(function(e){var t={isUH3:"crunch"===e.getConfig().ytheme,notifContainer:document.getElementById("notification-container"),notifBadge:document.getElementById("notif-badge"),notifMenu:document.getElementById("ybarNotificationMenu"),notifMenuOpener:document.querySelector("#ybarNotificationMenu + label"),notifDropdown:document.getElementById("notifDropdownContainer"),tooltipContainer:document.querySelector(".".concat($n)),notifLabel:document.querySelector(".".concat(Xn))};t.notifDropdown&&so(e,t)}))}()}};]]>Abdul RafayWed, November 12, 2025 at 9:00 PM GMT+1 7 min readWelcome to the institutional newsletter, Crypto Long & Short. This week:ZIGChain’s Abdul Rafay Gadit writes that as venture funding wanes, Digital Asset Treasury Companies (DATCOs) are reshaping corporate finance by turning balance sheets into active capital engines, proving that institutional crypto’s future lies in on-chain productivity, transparency and governance — not speculation.CoinDesk Indices’ Andy Baehr provides a “Vibe Check,” providing a look back at crypto rates and a look ahead at signs of strength as the country emerges from the government shutdown.In “Chart of the Week," we examine the Ethereum DEX volumes and price of the UNI token.- Alexandra LevisUnknown block type "divider", specify a component for it in the `components.types` option- By Abdul Rafay Gadit, co-founder, ZIGChainFor years, corporate treasuries in crypto were little more than speculative balance sheets. The strategy was simple: buy bitcoin, hold and hope. That passive model, popularised by MicroStrategy, is now being displaced by a new class of participants: Digital Asset Treasury Companies (DATCOs), that behave more like venture capital firms than custodians.This shift is happening because crypto’s traditional funding model has stalled. Venture capital investment fell 59% in the second quarter of 2025 to $1.97 billion, its lowest level since 2020. Yet the amount of crypto held on corporate balance sheets has never been higher: public companies now own over one million bitcoin, roughly 5% of supply. What began as a store of value has become a pool of productive capital.DATCOs are showing how this transformation works in practice. Instead of simply holding digital assets, they actively deploy them into staking, validator operations and ecosystem development. Across Europe and Asia, publicly listed DATCOs are allocating significant portions of their treasuries to blockchain participation, earning on-chain yield while supporting network infrastructure. The move not only diversifies exposure but also generates yield and strengthens the networks that underpin the digital-asset economy.This approach reflects a wider redefinition of corporate finance in the blockchain era. By using programmable assets, DATCOs can automate treasury participation, distribute returns transparently and measure risk in real time — functions that once required entire departments in traditional finance. It also creates a new feedback loop between networks and their investors: when treasuries stake, validate or provide liquidity, they not only earn yield but also contribute to the resilience and scalability of the ecosystem itself.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P Futures6,747.00 -13.00 (-0.19%)Dow Futures47,486.00 -61.00 (-0.13%)Nasdaq Futures25,014.00 -80.75 (-0.32%)Russell 2000 Futures2,387.80 -2.20 (-0.09%)VIX20.00 0.00 (0.00%)Gold4,185.00 -9.50 (-0.23%)PortfolioSign in to access your portfolioSign inTop gainersCLBT Cellebrite DI Ltd. 19.28 +3.31 (+20.73%)ONDS Ondas Holdings Inc. 6.56 +1.05 (+19.06%)FLY Firefly Aerospace Inc. 21.42 +3.11 (+16.99%)SEE Sealed Air Corporation 42.50 +6.12 (+16.82%)TTEK Tetra Tech, Inc. 37.41 +4.96 (+15.29%)Top losersBTDR Bitdeer Technologies Group 11.11 -2.83 (-20.30%)FRMI Fermi Inc. 17.50 -4.26 (-19.58%)BE Bloom Energy Corporation 103.55 -23.17 (-18.28%)FLNC Fluence Energy, Inc. 16.25 -2.96 (-15.41%)VIA Via Transportation, Inc. 43.14 -7.36 (-14.57%)Most activeONDS Ondas Holdings Inc. 6.56 +1.05 (+19.06%)OPEN Opendoor Technologies Inc. 8.56 -0.81 (-8.64%)NVDA NVIDIA Corporation 186.86 -6.94 (-3.58%)SOFI SoFi Technologies, Inc. 28.39 -3.82 (-11.86%)PLUG Plug Power Inc. 2.4900 -0.2400 (-8.79%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersBTC-USD Bitcoin USD 97,102.57 -6,372.70 (-6.16%)TSLA Tesla, Inc. 401.99 -28.61 (-6.64%)ETH-USD Ethereum USD 3,213.61 -325.06 (-9.19%)MSTR Strategy Inc 208.54 -16.07 (-7.15%)COIN Coinbase Global, Inc. 283.14 -20.86 (-6.86%)Top economic events