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The analysis uses SEC Form 8-K filings and price data to quantify concentration and exponential growth in DAT mentions from June 2020 through December 2025, and assesses capital market behavior that passive vehicles cannot replicate. The study also defines different DAT company models and evaluates the role of Ethereum and Solana alongside Bitcoin.",{"@graph":14,"@context":73},[15,34,56],{"@type":16,"itemListElement":17},"BreadcrumbList",[18,23,27,31],{"item":19,"name":20,"@type":21,"position":22},"https://docshare.wps.com","Home","ListItem",1,{"item":24,"name":25,"@type":21,"position":26},"https://docshare.wps.com/document/","Document",2,{"item":28,"name":29,"@type":21,"position":30},"https://docshare.wps.com/document/research-report/","Research & 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is a digital asset treasury (DAT) strategy?","Question",{"text":63,"@type":64},"A DAT strategy is a corporate approach where companies accumulate digital assets—primarily Bitcoin—on their balance sheets as a store of value rather than as transactional currency.","Answer",{"name":66,"@type":61,"acceptedAnswer":67},"How did the adoption of DATs change over time?",{"text":68,"@type":64},"The document reports an exponential rise in “Digital Asset Treasury” mentions in SEC 8-K filings from June 2020 through December 2025, with acceleration in late 2024 and continued growth by early 2026.",{"name":70,"@type":61,"acceptedAnswer":71},"How are DAT companies categorized?",{"text":72,"@type":64},"DAT companies are grouped into three operational models: digital asset businesses, strategic (majority) treasury allocators, and minority treasury 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Research Pawel Bednarek, Cornerstone Research  \nTHE EMERGENCE OF THE DIGITAL ASSET TREASURY  \nThe 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. 1 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 thanas transactional currency or other small incidental holdings.  \nWhile early adoption was largely driven by Bitcoin mining operators (e.g., Marathon Digital, Riot Platforms), which accumulated assets as a direct product of mining operations, the landscape has since expanded beyond companies whose core business relates to digital assets. One of the first such companies to establish a DAT strategy was the software company MicroStrategy (renamed to Strategy Inc.), which announced its treasury allocation to Bitcoin on August 11, 2020.2 Large DAT companies now include entities that purchase Bitcoin and other cryptocurrencies through the open market rather than through mining operations. These entities often use equity and  \ndebt capital markets to raise money to buy digital assets for their DATs. Even traditionally mining-focused firms like Marathon Digital (renamed to MARA Holdings) have begun raising capital to purchase Bitcoin.3  \nIn this article, we analyze the mechanics and market structure of DATs at corporations using public U.S. Securities and Exchange Commission (SEC) filings and price data.  \nIn this article, we analyze the mechanics and market structure of DATs at corporations using public U.S. Securities and Exchange Commission (SEC) filings and price data. We begin by examining empirical market structure trends—quantifying the sector’s concentration and documenting exponentially rising corporate interest in DATs using evidence from SEC Form 8-K filings. We then discuss different types of DAT companies, define and assess the “mNAV premium,” and demonstrate how some companies utilize capital markets in ways that passive investment vehicles could not. We then contrast this active strategy with the Grayscale Bitcoin Trust, which was launched in 2013.  \nDigital Asset Treasuries 1  \nCONCENTRATION AND GROWTH TRENDS  \nTo evaluate the adoption of DATs, we analyzed 8-K filings from June 2020 through December 2025. These 8-K filings are the standard mechanism for public companies to disclose major events to their shareholders, such as leadership changes, acquisitions, or, in this case, strategic shifts in treasury management.4 Tracking explicit mentions of “Digital Asset Treasury,” as shown by the teal line in Figure 1, reveals an exponential rise in the mention of DATs in 8-K filings, accelerating in late 2024.5 As of early 2026, a single entity (Strategy Inc.) holds 63% of the total Bitcoin held by public companies, while the top five hold 78%, and the top ten account for 85% .6 Notwithstanding this  \nconcentration, the increase in 8-K mentions of DATs suggests an expansion in the adoption of DAT-related activity among public companies. As of December 2025, the total number of mentions of DATs in 8-K filings exceeded 400.  \nAs of early 2026, a single entity holds 63% of the total Bitcoin held by public companies  \nThe sharp acceleration in 8-K mentions beginning in late 2024 reflects not only an increase in adoption but also an expansion in the diversity of assets held within these corporate treasuries. For example, Janover (renamed to DeFi Development Corp.) was the first to introduce a Solana-focused DAT in April 2025.  \nFigure 1: Count of “Digital Asset Treasury” Mentions in 8-K Filings  \n6/1/20–12/10/25  \nBTC Price Count  \n$140,000  \n$120,000  \n$100,000  \n$80,000  \n$60,000  \n$40,000  \n$20,000  \n$0 ","cbCaidl6TjHQ86L1","https://ap.wps.com/l/cbCaidl6TjHQ86L1","pdf",554092,"English","# The Emergence of the Digital Asset Treasury\n# Concentration and Growth Trends\n# Types of DAT Companies","[{\"question\":\"What is a digital asset treasury (DAT) strategy?\",\"answer\":\"A DAT strategy is a corporate approach where companies accumulate digital assets—primarily Bitcoin—on their balance sheets as a store of value rather than as transactional currency.\"},{\"question\":\"How did the adoption of DATs change over time?\",\"answer\":\"The document reports an exponential rise in “Digital Asset Treasury” mentions in SEC 8-K filings from June 2020 through December 2025, with acceleration in late 2024 and continued growth by early 2026.\"},{\"question\":\"How are DAT companies categorized?\",\"answer\":\"DAT companies are grouped into three operational models: digital asset businesses, strategic (majority) treasury allocators, and minority treasury allocators.\"}]","Digital Asset Treasuries - The Emergence, Concentration and Growth of Digital Asset Treasury Strategies | PDF"]