The crypto treasury boom đź’°

Digital asset treasuries were Decrypt's Story of the Year—with questions lingering over the sector's sustainability as the crypto market cools off.

Author

Stephen Graves
December 18, 2025

đź“ť What you need to know

Decrypt’s Story of the Year was never in any doubt; the hype around digital asset treasuries has dominated the conversation around crypto in 2025, with companies raising billions of dollars to build stockpiles of digital assets and propelling the price of Bitcoin to an all-time high.

But uncertainty persists as the crypto market has cooled off, and questions remain about how many DAT firms—many of which have pivoted from less successful ventures—will survive. Among market observers, mNAV has become a keenly watched metric as DAT firms’ stock prices have slipped below the value of their crypto holdings, while the boom has seen companies struggle to differentiate themselves from each other.

Still, digital asset treasuries don’t appear to be going anywhere, with DATs posting inflows of over $2.6 billion across two weeks, their strongest streak in seven weeks.

Decrypt's 2025 Story of the Year: Crypto Treasury Firms Flood Wall Street

Are crypto treasuries destined to become a pillar of Wall Street, or will they echo the booms and busts of previous market cycles in crypto?

đź“° In the News

Digital Asset Treasuries Draw In $2.6B Amid Crypto Market Uncertainty

Inflows to Bitcoin and Ethereum DATs hit a seven-week high, absorbing over $2.6 billion in the two weeks after the Fed rate cut.

Bitcoin, Ethereum Rise Following Soft US Inflation Data

Bitcoin and Ethereum ticked up after a widely watched inflation gauge indicated that consumer prices rose less than expected last month.

Fed Overhauls Bank Policy, Pulls Back From Prior Crypto-Focused Restrictions

The change distances the Fed from policies denounced as Operation Chokepoint 2.0, which state-chartered crypto banks said boxed them out.

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🕵🏻‍♀️ Editor’s Picks

North Korean Hackers Have Stolen $2 Billion in Crypto This Year: Report

Attackers from North Korea have swiped over $2 billion worth of crypto so far this year, accounting for 59% of all stolen funds.

Former Pump.fun Dev Sentenced to Six Years in Prison for $2 Million Solana Fraud

Jarett Dunn, a former developer at Pump.fun, drained $2 million from his then-employer and sent funds to random addresses.

Coinbase Unveils Prediction Markets, Stock Trading and Solana DeFi Integration

Coinbase signaled its platform is expanding beyond digital assets, with U.S. customers gaining access to traditional stock trading.

đź“š Watch and Learn

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🎓️ LEARN: What is a Corporate Bitcoin Treasury? The Strategy Behind Companies Holding Crypto

A growing number of companies are using Bitcoin to diversify their holdings and signal forward-thinking financial strategies.

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