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The House View
Digital Assets on the Books: The Next Phase of DATs
October 1, 2025
Digital Assets on the Books: The Next Phase of DATs
The House View is your quick-hit on what moved markets – straight from the FalconX desk. Follow us on Spotify or Apple Podcasts.
Episode 6: Digital Assets on the Books – The Next Phase of DATs
Digital Asset Treasuries (DATs) were the breakout trade of the summer – but this story is still being written.
Over 200 public companies now hold crypto on their balance sheet, with over $135B in total digital assets held. But as the trade matures, premiums are compressing, the market is fragmenting, and new entrants are pushing further down the risk curve – beyond the majors like BTC, ETH, and SOL into long-tail altcoins.
Some DATs are still outperforming. Others are trading at discounts to their underlying assets. That’s creating opportunities – and setting the stage for potential M&A across the space.
In Episode 6 of The House View, Colin Farrell (Senior Manager of Institutional Coverage) sits down with Ravi Doshi (Global Co-Head of Markets) to break down where the DAT trade started, where it’s headed, and what makes some of these structures succeed while others falter.
Key Topics Covered:
- The DAT Explosion: Over 200 public companies now hold crypto – with majors like BTC, ETH, and SOL leading allocations.
- Beyond the Hype: mNAV premiums are compressing as investor attention dilutes across more structures and smaller names.
- Winners & Liquidity: The top-performing DATs share key traits – strong narratives, retail access, and deep derivatives markets.
- M&A on Deck: As some DATs trade below NAV, consolidation is coming. The Strive-Semler deal could be the first of many.
- What’s Next: Jurisdictional shifts, capital structure discipline, and why options markets may drive the next leg of growth.
Tune into Episode 6 now on Spotify or Apple to hear the full breakdown.
Disclaimer
This material is for informational purposes only and is only intended for sophisticated or institutional investors. This material is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations, or (iii) an official statement of FalconX or any of its affiliates. Any information contained in this material is not and should not be regarded as investment research, debt research, or derivatives research for the purposes of the rules of the CFTC or any other relevant regulatory body. Prior to entering into any proposed transaction, recipients should determine, in consultation with their own investment, legal, tax, regulatory and accounting advisors, the economic risks and merits, as well as the legal, tax, regulatory and accounting characteristics and consequences of the transaction. This material does not constitute investment advice. To the extent permitted by law, FalconX does not accept any liability arising from the use of this communication. This material may contain information regarding structured products which involve over the counter derivatives. Pursuant to the Dodd-Frank Act, over the counter derivatives are only permitted to be traded by “eligible contract participants” (“ECP”s) as defined under Section 1a(18) of the CEA (7 U.S.C. § 1a(18)). Do not invest in a structured product unless you are an ECP as relevant and fully understand and are willing to assume the risks associated with the product. Solios, Inc. is registered as a federal money services business with FinCEN. FalconX Bravo, Inc. is provisionally registered with the U.S. Commodities Futures Trading Commission (CFTC) as a swap dealer. FalconX Limited is a registered Class 3 VFA service provider under the Virtual Financial Assets Act of 2018 with the Malta Financial Services Authority. FalconX Limited, FalconX Bravo, Inc., nor Solios, Inc. are not registered with the Securities & Exchange Commission or the Financial Industry Regulatory Authority. FalconX Foxtrot Pte Ltd and FalconX Golf Pte. Ltd. are not regulated by the Monetary Authority of Singapore.
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