Digital Asset Treasuries Have Accumulated $135B, But DAT Model is Risky: VanEck

September was characterized by the continued growth of digital asset treasuries (DATs), which swelled to hold around $135 billion in assets, reported VanEck on Friday.

Remarkably, Strategy alone accounts for more than half of this total. Last week, its Bitcoin treasury value reached an all-time high, even though BTC has yet to make a new all-time high.

Michael Saylor’s firm currently holds 640,031 BTC worth a whopping $79 billion at current market prices. This values the stash higher than the market capitalizations of Motorola, Airbnb, BNY Mellon, and US Bancorp.

The DAT Model is Working for Now

DATs leverage their stock volatility to raise capital by selling securities at prices below their implied volatility. This attracts sophisticated traders who buy these “cheap” instruments and hedge with “expensive” options, profiting as volatility converges.

VanEck noted that many new DATs lack deep and liquid markets for trading options, for example, forcing them to offer steep discounts. Bitmine Immersion Technologies is one such company that recently sold a package at a deep discount despite having twice the trading volume of other DATs.

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— VanEck (@vaneck_us) October 3, 2025

However, the DAT model does have two major risk factors. Bitcoin volatility has been trending downward for nearly a decade due to adoption. Since DATs need ongoing volatility to fund purchases, this threatens their business model.

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Additionally, some DATs now trade below their net asset values. When this happens, they may start selling options for income instead of issuing shares, which could further compress volatility across the sector and create a self-limiting cycle.

“This dynamic could reduce implied volatility across the sector and eventually leave the ‘volatility well’ depleted, limiting the ability of DATs to purchase assets.”

Explosive Growth Not Without Risk

The DAT sector has exploded from around 70 companies in September 2024 to over 200 companies by September 2025, including over 190 focused on Bitcoin and 10 to 20 on Ether or altcoins, reported the Digital Assets Council on Friday.

“This accelerating growth rate highlights DATs’ mainstreaming but underscores leverage and market risks,” it cautioned.

Public and private corporate Bitcoin treasuries have collectively accumulated 1.32 million BTC, or around 6.6% of the circulating supply, worth around $164 billion.

Meanwhile, an explosion in new Ether treasuries has amassed 5.5 million ETH, or around 4.5% of the total supply worth $24.8 billion in just a few months.

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