$120 Billion Crypto Treasuries Surge Amid Blockchain.com-Led Consololidation Wave

- $120 billion in crypto assets held; $20 billion in funding in 2025 - Regulatory scrutiny intensifies as smaller firms merge Blockchain.com CEO Peter Smith highlighted the rising importance of Digital Asset Treasuries (DATs) in corporate crypto strategies, emphasizing their role in enhancing shareholder value and driving industry consolidation. He noted that publicly-listed companies, inspired by MicroStrategy’s profitable Bitcoin holdings, are increasingly adopting DATs as a pivotal corporate strategy. The DAT sector has grown rapidly. According to CoinDesk on September 26, 2025, the sector has amassed over $120 billion in crypto assets, including Bitcoin, Ethereum, Solana, XRP, Dogecoin, and BNB. This growth includes $20 billion in funding during 2025 alone. Smith predicts continued expansion but believes a limited pool of capable management teams and available shell companies will eventually lead to more mergers and acquisitions. DATs largely fall into two categories. Investment DATs operate as financial vehicles where teams acquire discounted tokens to increase shareholder returns; however, Smith cautioned that these carry greater risks than straightforward crypto investments. Alternatively, Ecosystem DATs offer a substitute for traditional crypto foundations by forming regulated structures that support blockchain protocols and meet global compliance standards. Despite their growth, DATs face criticism from some industry leaders who accuse firms of self-dealing disguised as capital deployment. In addition, regulatory pressure is mounting in the U.S., as authorities are investigating pre-announcement trading patterns in publicly-listed companies, which signals heightened scrutiny surrounding DAT practices. Consolidation within the DAT ecosystem is accelerating as larger, well-capitalized entities acquire smaller firms that hold significant crypto reserves but have lower valuations. For example, Vivek Ramaswamy’s Strive Asset Management acquired Semler Scientific, and the merged organizations now hold a consolidated total of nearly 11,000 BTC. Smith views this trend as a natural progression that is reshaping the DAT sector’s role in the broader financial landscape. According to CoinMarketCap data on September 26, Bitcoin (BTC) was trading at $108,994.35 as of 15:14 UTC, with its 24-hour trading volume down 2.08%. Over the same period, Ethereum (ETH) traded at $3,940.47, a 1.62% decline, while XRP traded at $2.72, with its trading volume down 4.03%.