Digital Asset Treasury Companies Explained: Bitcoin, Ethereum, Solana, and Other Top Crypto Treasury Assets

Core Insights - Digital Asset Treasury (DAT) firms are emerging as a significant trend in the cryptocurrency market, with companies like Strategy and Metaplanet achieving notable success by holding substantial amounts of Bitcoin [1][2] - These firms are publicly traded entities that raise capital to acquire and manage digital assets as a core part of their balance sheet strategy [2][3] Digital Asset Treasuries - DAT companies are characterized by their strategy of stacking large sums of cryptocurrencies, including Bitcoin and Ethereum, and are seen as investment vehicles providing indirect exposure to crypto through traditional markets [2][3] - They can generate revenue through various means such as borrowing and lending services, operating validator nodes, and engaging in DeFi protocols [3] Bitcoin Holdings - As of September 11, 2025, 104 Bitcoin treasury companies collectively hold 1,013,608 BTC valued at $115.5 billion, with Strategy (formerly MicroStrategy) being the largest, holding 631,460 BTC worth $72.64 billion [5] - Since adopting the crypto treasury strategy in 2020, Strategy's stock has surged by 2319.94%, while Bitcoin's value increased by 899% during the same period [5] Ethereum Holdings - Following Bitcoin's rise, interest in Ethereum has grown, with 11 companies actively acquiring a total of 3,436,285 ETH valued at $15.23 billion [8] - Bitmine Immersion leads the Ethereum treasury with 2,069,443 ETH worth $9.1 billion, while SharpLink follows with 837,230 ETH valued at $3.69 billion [8] Other Cryptocurrencies - The top DAT firms collectively command $133.45 billion in various cryptocurrencies, with Bitcoin, Ethereum, Solana, and Binance Coin being the most popular [7] - Solana, while ranked sixth by market cap, is the third most-traded cryptocurrency by volume, excluding stablecoins [9]