According to @EmberCN, citing CoinGlass’s 2025 crypto derivatives market annual report, public DAT companies’ BTC holdings trended upward nearly monotonically through 2025, rising from roughly 600,000 BTC at the start of the year, based on CoinGlass data. According to @EmberCN’s summary of CoinGlass’s dataset, the author characterizes 2025 as the DAT year, reflecting the sustained increase in reported holdings by these entities as recorded by CoinGlass.

According to @VanessaGrellet_, the key capital-markets shift is the rise of Digital Asset Treasury (DAT) companies—public vehicles holding BTC, ETH, SOL and ecosystem tokens at scale, source: @VanessaGrellet_ on X. According to @VanessaGrellet_, the "Merger Playbook" focuses on converting discounts in these public holdings into alpha through M&A-driven strategies, signaling event-driven setups for traders tracking DAT discounts and deal catalysts, source: @VanessaGrellet_ on X.

According to @VanessaGrellet_, liquidity in crypto is harmed by fragmentation across providers, while consolidation leads to stronger outcomes for market depth and execution conditions. According to @VanessaGrellet_, Digital Asset Treasury (DAT) companies are emerging as the next institutional layer of crypto markets, signaling a structural shift in how liquidity and treasury operations are organized.