Digital asset treasuries eclipse venture funding as companies raise $15 billion in 2025

Digital asset treasury (DAT) investments have emerged as the dominant force in crypto capital allocation this year, with companies raising over $15 billion through August, according to data from The Block. These publicly traded entities pivot their corporate strategy to establish strategic digital asset reserves, typically purchasing and holding cryptocurrencies as treasury assets rather than traditional cash equivalents.

The trend has gained momentum as companies announcing DAT strategies often experience significant stock price appreciation. Lion Group's recent announcement of a $600 million facility for Hyperliquid treasury led to a 20% jump in the company's shares, exemplifying the market's enthusiasm for these strategic pivots.

Data via The Block Pro

While Bitcoin remains the primary asset held by these treasuries, Hyperliquid's HYPE token has emerged as an unexpected second choice, with nearly $1.5 billion secured in HYPE tokens and additional cash earmarked for future purchases. This diversification beyond Bitcoin suggests companies are exploring opportunities in altcoins, often with the support of the tokens’ foundation.

The surge in DAT activity is also impacting the broader crypto investment landscape. Traditional crypto startup VC rounds have declined substantially, totaling just 856 deals in 2025 compared to 1,933 in the same period last year, a 56% drop. Established crypto VCs, including DCG, Paradigm, and Galaxy, have all participated in DAT investments, potentially drawing from capital pools that would traditionally fund venture deals. This reallocation suggests institutional investors view DAT strategies as a more immediate way to gain crypto exposure while benefiting from public market liquidity.

The July peak of approximately $6.2 billion in monthly DAT raises represents the highest single-month total recorded, indicating accelerating adoption of this investment approach across public markets.

This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.