The landscape of corporate treasury management is evolving as public companies adapt their strategies for handling digital assets. By early 2026, over 200 publicly traded companies collectively manage more than $115 billion in digital currencies, reflecting a significant shift in focus from mere accumulation to active yield generation.
As of September 2025, the market capitalization of these firms reached approximately $150 billion, marking a nearly fourfold increase from the previous year. However, many of these companies are now trading below the value of their digital holdings, indicating that investors are demanding more than just asset accumulation.
Management teams are responding to this demand through initiatives like share repurchase programs and metrics such as “BTC per share,” which aim to demonstrate the added value of their treasury strategies beyond just the token price. This transition from “DAT 1.0” to “DAT 2.0” signifies a critical shift in the sector.
Three primary models for managing digital assets are emerging, each with distinct risk-return profiles and governance requirements.
1. Infrastructure Participation and Staking: This model focuses on staking tokens to support network consensus, allowing companies to earn rewards. For bitcoin-centric treasuries, this often includes participation in the Lightning Network, which generates fees through routing and liquidity. However, staking necessitates a thorough understanding of technical security and smart contract risks. For instance, Bitmine Immersion Technologies reported over 3 million staked ETH by early 2026, yielding approximately $172 million in annualized staking revenue.
2. Active Trading and Market-Driven Income: This strategy utilizes market structures such as funding-rate arbitrage and options trading to generate income. While potentially effective, it requires extensive trading expertise and constant monitoring. A notable example is a Japanese company that held over 35,000 BTC and generated around $55 million through options strategies, although it also faced significant net losses due to accounting revaluations.
Galaxy Digital exemplifies a hybrid approach, integrating its digital asset treasury with institutional services like collateralized lending. In Q3 2025, the firm reported a record adjusted gross profit exceeding $730 million, diversifying its income sources beyond cryptocurrencies.
3. Credit Deployment and Net Interest Margin: This model treats digital assets as productive capital. Companies can borrow against their crypto holdings to obtain stablecoin liquidity, which is then deployed into higher-yielding private credit opportunities. This strategy preserves exposure to the underlying assets while generating recurring income. Successful implementation relies on established financial infrastructure and strong governance frameworks.
The maturation of stablecoins as a financial tool is crucial for these credit deployment strategies. By 2026, stablecoins are expected to facilitate cross-border payments and same-day settlements, potentially reaching a market capitalization of $1.2 trillion by 2028.
Recent market dynamics have underscored a fundamental truth: simply holding digital assets is not a viable treasury strategy. The sector is learning from its past, with a growing emphasis on sustainable income generation. As companies refine their treasury strategies, the most effective will likely be those that blend various approaches, tailored to their operational capabilities and governance structures.
In this new phase, companies that prioritize disciplined operational strategies over sheer asset accumulation are poised to succeed.
As public companies managing digital assets shift from accumulation to active yield generation, new strategies are emerging. The focus on sustainable income and disciplined operations signals a significant evolution in corporate treasury management.