Crypto Treasury Firms Could Become Long-Term Giants Like Berkshire Hathaway, Analyst Says

Crypto Treasury Firms Could Become Long-Term Giants Like Berkshire Hathaway, Analyst SaysRyan Watkins Argues Crypto Treasury Firms Evolve Beyond Speculation Into Lasting Economic Engines, Deploying Capital and Building Busineses Across EcoSystes. Sep 27, 2025, 9:22 PM

Crypto Treasury Firms that Stockpile Tokens Could Evolve from Special Wrappers Into Long-Run Economic Engines for Blockchains, Argues Syncracy Capital Co-Faux.

Digital Asset Treasury (DAT) FIRMS ARE PUBLICLY TRADED Companies that Raise Capital to Acquire and Manage Crypto on Their Balance Sheets.

In a sept. 23 Blog Post and An Accompanying Thread on X, Watkins SAID DATS ALRAADY HOLD ROUGHLY $ 105 Billion in Assets Across Bitcoin, Ether and Other Majors, A Scale That FEW MARKET

His core clam: a small Number of these FIRMS MATURE INTO Durable Operators that Help Finance, Govern and Build Willin the Networks Whose Tokens They Hold.

Beyond SpeculationWatkins SAID MOST ATTENTION HAS FIXATED ON NEAR-TRADING DYNAMICS-Premium to Net Asset Value, Fundraising AnnounCements and “What’s The Next Token” —Whichichich.

“We Imagine Select Dats Become for-Profit, Publicly Traded Counterparts to Crypto Foundations, But With Broader Mandates to Deploy Capital, Operate Businesses, and Particapate.

Because Some Dats Already Control Meaningful Slices of Token Supple, Their Treasuries Can Be More Than Vaults; They Can Be Policy and Product Levers Inside Ecosystems.

He Pointed to Crypto-Native Examples WHERE Scale Matters: On Solana, RPC Providers and Propriotary Market Makers That Stake More Sol Can Improve Transaction Landing And Sol Sol; On Hyperliquid, Front Ends That Stake More Hype Can Lower User Fees or Increase Take Rates with Raising Costs.

Access to Large, Permanent Pools of Native Assets Can Help Such Businesses Bootstrap and Scale, He Said.

Programmable Money, Productive Balance SheetsWatkins Contrasted Tese Plays with Microstrategy’s Bitcoin-Only Strategy, WHICH IS LARGELY About Capital Structure AUND A NON-PROGRAMMABLE Asset.

Hew on to say that by comparison, tokens on smart Contract Platforms-ETH, SOL, HYPE-Are Programmable and Can Be Put to Work On-Chain.

Dats Holding Them Stake for Fees, Supple Liquidity, Lend, Participate in Governance and Acquire “EcoSystem Primitivers” Such as Validtors, RPC nodes. Balance sheets.

Structurally, He Likened Winning Dats to A Hybrid of Familiar Models: The Permanent Capital of Closed-End Funds and Reits, The Balance-Sheet Orientation of Banks, and The Counciling.

What Makes Them Distinct, He Said, Is That Returns Accrue in Crypto Per Share Racher Racher Via Via Management Fees, Making the Vehicles Closer to Pures Plays on the Underly.

He Argued that Tools Like Common Equity, Convertibles and Preferreds Give Dats Flexible Funding to Expand Balance Sheets, While On-Chain Yields Can Help Manage Time Funning.

Winners – and risksWatkins cautiolated that “not all Dats Will Make It.”

HE Experts Many First-Generation Vehicles-Those Heavy on Financial Engineering and Light on Operation Substance-To Fade As Conditions Normalize. As Competition Intensifies, He Anticipates Consolidation, Experiments with More Exotic Finance and, at Times, Reckless Balance-Sheet MOves IF Premiums Flip.

In his view, the survivors will be thoss that pair disciplined capital allocation with Operation Chops, Recycling Cash Flows Into Token Acumulation, Product Building. “Over Time, The Best Managed Ones Could Evolve Into The Berkshire Hathaways of Their Blockchains,“ He Wrote.

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