Digital asset treasuries must now earn their keep
Digital asset treasuries are shifting from simply accumulating assets to actively generating yield to satisfy investor demands and demonstrate value.Summary
The era of simply acquiring and holding Bitcoin as a treasury strategy is over. With over 200 publicly listed companies holding over $115 billion in digital assets, investors now demand capital discipline and economic returns. This shift, dubbed “DAT 2.0,” is driving the emergence of three primary strategies: infrastructure participation and staking, active trading, and credit deployment. Staking, including through platforms like Bitmine and EigenCloud, allows treasuries to earn rewards by supporting network consensus. Active trading, exemplified by a Japanese company generating $55 million through options, requires expertise and robust risk management. Finally, credit deployment involves borrowing against crypto holdings to fund private credit, offering recurring interest income. The most successful treasuries will likely blend these approaches, prioritizing yield generation and disciplined operation over mere asset accumulation, as yield becomes the key metric for evaluating digital asset exposure.
(Source：CoinDesk)