In “Digital Asset Treasuries,” Angelo Chan of 8C Management and Nicole Moran and Pawel Bednarek of Cornerstone Research analyze the mechanics and market structure of DATs using public U.S. Securities and Exchange Commission (SEC) filings and price data.
Background
The corporate treasury function traditionally involves ensuring liquidity for operations and managing financial risk to the corporation. Since 2020, however, a corporate strategy—known as digital asset treasury (DAT)—has emerged among companies traded in the public markets. DAT companies are characterized by the accumulation of digital assets—primarily Bitcoin—on corporate balance sheets, treating the digital assets as a store of value rather than as transactional currency or other small incidental holdings.
Analysis
Using SEC, price, and holdings data, this article:
- Examines empirical market structure trends in order to quantify the sector’s concentration and document exponentially rising corporate interest in DATs using evidence from SEC Form 8-K filings.
- Discusses different types of DAT companies, defines and assesses the “mNAV premium,” and demonstrates how some companies utilize capital markets in ways that passive investment vehicles could not.
- Contrasts this active strategy with the Grayscale Bitcoin Trust, which emerged in 2015.
Conclusion
DATs continue to be an emerging area and represent a shift in the use of treasuries for some companies. As evidenced by the mention of “Digital Asset Treasury” in 8-K filings, the rise of DATs began to accelerate notably in mid-2025. As the digital asset ecosystem continually evolves, the expansion of DATs merits analysis as equity markets and digital assets intermingle.
Washington 
