Visions on the Rise of Digital Asset Treasuries
Overviewâ
Digital asset treasuries (DATs) are publicly listed corporations whose primary business model is to accumulate and manage cryptoâtokens such as ETH or SOL. They raise capital through stock offerings or convertible bonds and use the proceeds to purchase tokens, stake them to earn yield, and grow tokens per share via savvy financial engineering. DATs blend features of corporate treasuries, investment trusts and DeFi protocols; they let mainstream investors gain exposure to crypto without holding the coins directly and operate like âonâchain banks.â The following sections synthesise the visions of four influential leadersâTom Lee (Fundstrat/BitMine), Joseph Lubin (Consensys/SharpLink), Sam Tabar (Bit Digital) and Cosmo Jiang (Pantera Capital)âwho are shaping this emerging sector.
Tom Lee â Fundstrat Coâfounder & BitMine Chairmanâ
Longâterm thesis: Ethereum as the neutral chain for the AIâcrypto superâcycleâ
- In 2025 Tom Lee pivoted the former Bitcoin miner BitMine into an Ethereum treasury company. He argues that AI and crypto are the two major investment narratives of the decade and both require neutral public blockchains, with Ethereum offering high reliability and a decentralised settlement layer. Lee describes ETHâs current price as a âdiscount to the futureââhe believes that the combination of institutional finance and artificial intelligence will eventually need Ethereumâs neutral public blockchain to operate at scale, making ETH âone of the biggest macro trades of the next decadeâ.
- Lee believes tokenised realâworld assets, stablecoins and onâchain AI will drive unprecedented demand for Ethereum. In a Daily Hodl interview he said ETH treasuries added over 234 k ETH in one week, pushing BitMineâs holdings above 2 million ETH. He explained that Wall Street and AI moving onâchain will transform the financial system and most of this will happen on Ethereum, hence BitMine aims to acquire 5 % of ETHâs total supply, dubbed the âalchemy of 5 %â. He also expects ETH to remain the preferred chain because of proâcrypto legislation (e.g., CLARITY & GENIUS Acts) and described Ethereum as the âneutral chainâ favoured by both Wall Street and the White House.
DAT mechanics: building shareholder valueâ
- In Panteraâs 2025 blockchain letter, Lee explained how DATs can create value beyond token price appreciation. By issuing stock or convertible bonds to raise capital, staking their ETH, using DeFi to earn yield and acquiring other treasuries, they can increase tokens per share and maintain a NAV premium. He views stablecoins as the âChatGPT story of cryptoâ and believes onâchain cash flows from stablecoin transactions will support ETH treasuries.
- Lee emphasises that DATs have multiple levers that make them more attractive than ETFs: staking yields, velocity (rapid issuance of shares to acquire tokens) and liquidity (ability to raise capital quickly). In a Bankless discussion he noted that BitMine moved 12 Ă faster than MicroStrategy in accumulating crypto and described BitMineâs liquidity advantage as critical for capturing a NAV premium.
- He also stresses risk management. Market participants must differentiate between credible leaders and those issuing aggressive debt; investors should focus on execution, clear strategy and risk controls. Lee warns that mNAV premiums compress as more companies adopt the model and that DATs need to deliver performance beyond simply holding tokens.
Vision for the futureâ
Lee predicts a long superâcycle in which Ethereum underpins tokenised AI economies and digital asset treasuries become mainstream. He foresees ETH reaching US $10â12 k in the near term and much higher over a 10â15 year time horizon. He also notes that major institutions like Cathie Wood and Bill Miller are already investing in DATs and expects more Wall Street firms to view ETH treasuries as a core holding.
Joseph Lubin â Consensys Founder & SharpLink Chairmanâ
ETH treasuries as storytelling and yield machinesâ
- Lubin argues that Ethereum treasury companies are more powerful than Bitcoin treasuries because ETH is productive. By staking tokens and using DeFi, treasuries can generate yield and grow ETH per share, making them âmore powerful than Bitcoin treasuriesâ. SharpLink converts capital into ETH daily and stakes it immediately, creating compounding growth.
- He sees DATs as a way to tell the Ethereum story to Wall Street. On CNBC he explained that Wall Street pays attention to making money; by offering a profitable equity vehicle, DATs can communicate ETHâs value better than simple messaging about smart contracts. While Bitcoinâs narrative is easy to grasp (digital gold), Ethereum spent years building infrastructureâtreasury strategies highlight its productivity and yield.
- Lubin stresses that ETH is highâpowered, uncensorable money. In an August 2025 interview he said SharpLinkâs goal is to build the largest trusted ETH treasury and keep accumulating ETH, with one million ETH merely a nearâterm signpost. He calls Ethereum the base layer for global finance, citing that it settled over US $25 trillion in transactions in 2024 and hosts most realâworld assets and stablecoins.
Competitive landscape and regulationâ
- Lubin welcomes new entrants into the ETH treasury race because they amplify Ethereumâs credibility; however, he believes SharpLink holds an advantage due to its ETHânative team, staking knowâhow and institutional credibility. He predicts ETFs will eventually be allowed to stake, but until then treasury companies like SharpLink can fully stake ETH and earn yield.
- In a CryptoSlate interview he noted that the supplyâdemand imbalance for ETH and daily purchases by treasuries will accelerate adoption. He emphasised that decentralisation is the direction of travel and expects both ETH and BTC to continue rising as the world becomes more decentralised.
SharpLinkâs executionâ
- SharpLink quietly shifted its focus from sports betting technology to Ethereum in early 2025. According to shareholder filings, it converted significant portions of its liquid reserves into ETHâ176 270 ETH for $462.9 million in July 2025 and another 77 210 ETH for $295 million a day later. An August 2025 direct offering raised $400 million and a $200 million atâtheâmarket facility, pushing SharpLinkâs reserves beyond 598 800 ETH.
- Lubin says SharpLink accumulates tens of millions of dollars in ETH daily and stakes it via DeFi to generate yield. Standard Chartered analysts have noted that ETH treasuries like SharpLink remain undervalued relative to their holdings.
Sam Tabar â CEO of Bit Digitalâ
Rationale for pivoting to Ethereumâ
- After profitably running a Bitcoin mining and AI infrastructure business, Sam Tabar led Bit Digitalâs complete pivot into an Ethereum treasury and staking company. He sees Ethereumâs programmable smartâcontract platform, growing adoption and staking yields as capable of rewriting the financial system. Tabar asserts that if BTC and ETH had launched simultaneously, Bitcoin might not exist because Ethereum enables trustless value exchange and complex financial primitives.
- Bit Digital sold 280 BTC and raised around $172 million to purchase over 100 k ETH. Tabar has emphasised that Ethereum is no longer a side asset but the centerpiece of Bit Digitalâs balance sheet and that the firm intends to continue acquiring ETH to become the leading corporate holder. The company announced a direct offering of 22 million shares priced at $3.06 to raise $67.3 million for further ETH purchases.
Financing strategy and risk managementâ
- Tabar is a strong proponent of using unsecured convertible debt rather than secured loans. He warns that secured debt could âdestroyâ ETH treasury companies in a bear market because creditors might seize the tokens when prices fall. By issuing unsecured convertible notes, Bit Digital retains flexibility and avoids encumbering its assets.
- In a Bankless interview he compared the ETH treasury race to Michael Saylorâs Bitcoin playbook but noted that Bit Digital is a real business with cash flows from AI infrastructure and mining; it aims to leverage those profits to grow its ETH holdings. He described competition among ETH treasuries as friendly but emphasised that mindshare is limitedâcompanies must aggressively accumulate ETH to attract investors, yet more treasuries ultimately benefit Ethereum by raising its price and awareness.
Vision for the futureâ
Tabar envisions a world where Ethereum replaces much of the existing financial infrastructure. He believes regulatory clarity (e.g., the GENIUS Act) has unlocked the path for companies like Bit Digital to build compliant ETH treasuries and sees the staking yield and programmability of ETH as core drivers of future value. He also highlights that DATs open the door for publicâmarket investors who cannot buy crypto directly, democratizing access to the Ethereum ecosystem.
Cosmo Jiang â General Partner at Pantera Capitalâ
Investment thesis: DATs as onâchain banksâ
- Cosmo Jiang views DATs as sophisticated financial institutions that operate more like banks than passive token holders. In an Index Podcast summary he explained that DATs are evaluated like banks: if they generate a return above their cost of capital, they trade above book value. According to Jiang, investors should focus on NAVâperâshare growthâanalogous to free cashâflow per shareârather than token price, because execution and capital allocation drive returns.
- Jiang argues that DATs can generate yield by staking and lending, increasing asset value per share and producing more tokens than simply holding spot. One determinant of success is the longâterm strength of the underlying token; this is why Panteraâs Solana Company (HSDT) uses Solana as its treasury reserve. He contends that Solana offers fast settlement, ultraâlow fees and a monolithic design that is faster, cheaper and more accessibleâechoing Jeff Bezosâs âholy trinityâ of consumer wants.
- Jiang also notes that DATs effectively lock up supply because they operate like closedâend funds; once tokens are acquired, they rarely sell, reducing liquid supply and potentially supporting prices. He sees DATs as a bridge that brings tens of billions of dollars from traditional investors who prefer equities over direct crypto exposure.
Building the preâeminent Solana treasuryâ
- Pantera has been a pioneer in DATs, anchoring early launches such as DeFi Development Corp (DFDV) and Cantor Equity Partners (CEP) and investing in BitMine. Jiang writes that they have reviewed over fifty DAT pitches and that their early success has positioned Pantera as a first call for new projects.
- In September 2025 Pantera announced Solana Company (HSDT) with more than $500 million in funding, designed to maximize SOL per share and provide publicâmarket exposure to Solana. Jiangâs DAT thesis states that owning a DAT could offer higher return potential than holding tokens directly or via an ETF because DATs grow NAV per share through yield generation. The fund aims to scale institutional access to Solana and leverage Panteraâs track record to build the preâeminent Solana treasury.
- He emphasises that the timing is critical: digital asset equities have enjoyed a tailwind as investors search for crypto exposure beyond ETFs. However, he warns that excitement will invite competition; some DATs will succeed while others fail. Panteraâs strategy is to back highâquality teams, filter for incentiveâaligned management and support consolidation (M&A or buybacks) in downside scenarios.
Conclusionâ
Collectively, these leaders see digital asset treasuries as a bridge between traditional finance and the emerging token economy. Tom Lee envisions ETH treasuries as vehicles to capture the AIâcrypto superâcycle and aims to accumulate 5 % of Ethereumâs supply; he stresses velocity, yield and liquidity as key drivers of NAV premiums. Joseph Lubin views ETH treasuries as yieldâgenerating machines that tell the Ethereum story to Wall Street while pushing DeFi and staking into mainstream finance. Sam Tabar is betting that Ethereumâs programmability and staking yields will rewrite financial infrastructure and warns against secured debt, promoting aggressive yet prudent accumulation through unsecured financing. Cosmo Jiang frames DATs as onâchain banks whose success depends on capital allocation and NAVâperâshare growth; he is building the preâeminent Solana treasury to showcase how DATs can unlock new growth cycles. All four anticipate that DATs will continue to proliferate and that publicâmarket investors will increasingly choose them as vehicles for exposure to cryptoâs next chapter.