How Digital Asset Treasury Companies can reshape blockchain economies, explanation of the fence fund
Crypto treasury companies whose stockpile tokens can change from imaginary wrappers to long-term economic machines for blockchains, arguing with syncracy capital co-founder Ryan Watkins.
Digital Asset Treasury (DAT) companies are companies that have been publicly exchanged capital raising capital to gain and manage crypto on their balance sheets.
On a Sept. 23 Blog post and a companion thread In X, Watkins said the DAT held nearly $ 105 billion in properties throughout Bitcoin, Ether and other nobility, a scale that some market participants were fully considered.
His main claim: A small number of these firms can grow up to strong operators that will help financially, manage and build within the networks with the tokens they hold.
More than just speculation -haaka
Watkins said most of the attention was fixed in the near term of dynamic trade-premiums on the net asset value, collecting announcements and “what was the next token” —which did not get the bigger arc.
“We think that select dats are becoming for-profit, publicly exchanged with crypto foundations, but there is a broader mandate to deploy capital, run businesses, and participate in management,” he wrote.
Because some dat controls significant cuts of token supply, their treasures may be more than vaults; They can be policies and product levers within ecosystems.
He pointed to crypto-native examples of which size dimensions: in Solana, RPC providers and market ownership manufacturers that more SOL could improve the landing and spread the acquisition; With hyperliquid, the front ends that the stake of more hype can lower the user fees or increase the extraction rates without raising costs.
Accessing the large, permanent pool of folk assets will help such businesses bootstrap and scale, he said.
ProgramMable Money, Productive Balance Sheets
Watkins compares these plays to Bitcoin-only microstrategy approach, which is mainly about the structure of capital around a non-program-owned property.
He said that by comparison, the tokens on the intelligent contract-eth, sol, hype-program platforms could be programmed and could work in the chain.
DATS holding them can stake for fees, liquidity supplies, lend, participate in management and obtain “ecosystem primitives” such as validators, RPC nodes or indexer, which become balanced sheets that form yield.
Structurally, he likens the winning dats to a hybrid of familiar models: the permanent capital of closed-end funds and reits, the orientation of the balance of banks, and the combined ethos of Berkshire Hathaway.
What is unique to them, he said, is the return of accumulating to crypto per part than through management fees, making vehicles closer to pure plays on the underlying networks than traditional ownership managers.
He argues that tools such as standard equity, convertibles and preferred provides DAT flexible funds to expand balance sheets, while on-chain yields will help manage funds over time.
Winners – and risks
Watkins warned that “not all dates will do it.”
He expects many first-generation vehicles-these are heavy on financial engineering and light on operating components-to disappear as conditions normalize. As the competition intensifies, he expects integration, experiments with more unique financing and, at times, the reckless balance moves when premiums flip out discounts and pressure developing.
In his view, the survivors were the pairs of capital -provisional disciplines with operating chops, recycling cash flow to token accumulation, product development and ecosy system expansion. “Over time, the best managed ones can change the Berkshire’s hathhaways of their blockchains,” he wrote.
