Asset manager VanEck says companies holding digital asset treasuries (DATs) have now accumulated over $135 billion worth of cryptocurrencies.

In a new report, VanEck notes that September saw a large inflow of capital into DATs, with Strategy (MSTR) dominating about 53% of the total assets under management.

Sasys the firm,

“Thematically, September 2025 was characterized by the continued growth of digital asset treasuries (DATs), which swelled to hold around ~$135B in assets (~53% in MSTR). DATs are entities that utilize financialization to increase common share exposure to digital assets. Some DAT EVs currently trade at mNAV premiums to the value of their digital asset treasury holdings. We believe this is partly explained by the market assigning a premium to entities that have a credible long-term ability to increase per-share digital asset exposure. To purchase more digital assets, companies often sell securities whose valuations are linked to the underlying volatility of the company’s stock.

In order to ‘reap’ the benefits of the volatility of their common shares (and the underlying digital assets), these entities must price the volatility they are selling well below the implied volatility of options. This allows sophisticated market participants to buy relatively cheap volatility (through common shares, convertible debt, or warrant sales) and hedge against relatively expensive options portfolios. These savvy traders then expect the volatility of the two positions to converge over time, enabling a profit on the trade.”

Although Strategy was the first company to adopt a digital asset treasury (DAT) strategy in 2020, and by September 2025, more than 200 companies worldwide have now followed suit.

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