Crypto Treasuries: To Be or Not to Be in the Post-Hype Era

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Ah, the crypto treasury boom-a spectacle as fleeting as a summer breeze in the Russian steppe. After a year of frenzied enthusiasm, where even the most modest of holdings seemed destined for greatness, the shares of several crypto treasury vehicles now languish below the value of their own coffers. How the mighty have fallen, or perhaps, how the foolish have been revealed.

the traditional DAT playbook-buying digital assets and waiting for them to appreciate-is no longer a convincing strategy. To survive, DATs must evolve beyond mere accumulation. The next generation of successful crypto treasury companies will prove that crypto assets can power efficient, resilient business models, not merely inflate balance sheets. Those who fail to adapt will be remembered as another speculative experiment that burned bright and faded fast, like a firework on a cold night.

Treasury Fatigue Sets In

The earliest treasury companies thrived on scarcity, much like a rare book in a library of mediocrities. There were only a handful of recognizable names, and their novelty created powerful feedback loops. Liquidity was concentrated, investor attention was high, and media coverage amplified even the most modest gains. Metaplanet, an early high-profile DAT, skyrocketed to an mNAV of over 9x in February 2025, bolstered by a 10:1 stock split and clever financial engineering. Ah, the magic of numbers and the illusion of value.

Now, that momentum seems as distant as a forgotten dream. The shares of several DATs, including Metaplanet, underperform the value of the crypto they hold. The market’s fatigue is visible in shrinking premiums, flatter trading volumes, and a growing sense that these entities have little left to differentiate them. Even the most dazzling fire eventually burns out.

Temporary rebounds are still possible, like a dying man’s last gasp. Strategy’s market-to-NAV ratio, for example, recovered from below one to nearly four during the 2024 upswing. But these are cyclical bounces, not structural recoveries. Without reinvention, treasury companies will continue to oscillate with the broader crypto market, rather than developing independent sources of value. The hype that once lifted all boats is gone. What remains is a test of who can build a business that endures beyond speculation.

Crypto is Capital, and Productive Capital is King

Crypto assets are not inherently valuable; they become valuable when used productively. The next era of treasury companies will be defined by their ability to turn idle holdings into engines of growth. Bitcoin (BTC) treasuries face natural limits: Bitcoin’s programmability is restricted, and most opportunities revolve around balance-sheet engineering. Ethereum (ETH), Solana (SOL), and other programmable networks, by contrast, offer the tools to deploy capital in more creative and productive ways. Ah, the difference between a hammer and a symphony.

At a baseline, treasury companies can stake, collateralize, and provide liquidity. These activities generate yield and strengthen the ecosystems they operate within. But the most ambitious players are going further, developing comprehensive operational ecosystems that use their capital as fuel for innovation.

One path is infrastructure operations. Running validators, RPC nodes, or data indexers converts treasury scale into a performance advantage. Capital depth allows for faster, more reliable infrastructure that, in turn, attracts more users and projects. Another is protocol participation, supplying liquidity, creating markets, and earning fees while supporting network throughput. These actions convert passive treasuries into active participants in the ecosystems that underpin their asset values.

In both models, productive capital becomes a competitive moat. It demonstrates that the company’s token holdings are not speculative chips but operational inputs. Over time, these dynamics will separate firms that use crypto as capital from those that merely hold it. A distinction as clear as day and night.

Crypto Treasuries are Businesses, and They Must Act Like It

Staking rewards and passive yield can keep a treasury solvent, but they cannot sustain investor confidence. To attract durable capital, treasury companies must begin operating like real businesses. Berkshire Hathaway’s model offers a useful reference: an investment vehicle that also builds and acquires productive operations, compounding returns across cycles. A lesson in longevity, perhaps.

In crypto, sustainable models require similar operational layers. A treasury company can acquire infrastructure businesses that benefit from its native asset scale, such as validators or middleware providers. It can build proprietary tools and services that monetize its holdings, such as trading platforms or data analytics products. And it can develop recurring revenue streams that demonstrate consistent, productive use of its treasury.

Perhaps a more crypto-native approach can be leaning into the meme and hype-driven culture of crypto by adopting a business development strategy that fosters community engagement and spawns ‘viral’ moments. For what is life without a bit of theater?

These efforts transform a treasury company from a passive asset holder into an active enterprise. Investors reward this shift because it decouples value from token price alone. Firms that combine treasury leverage with operational execution will stand out as the market matures. The next cycle will favor builders over holders. A natural selection, if you will.

Foundations Will Catalyze Growth

Blockchain foundations increasingly recognize that scaled treasury companies can accelerate ecosystem growth. They possess both capital and operational flexibility, making them natural partners for foundations seeking to strengthen liquidity and network activity. A symbiotic relationship, much like bees and flowers.

Support mechanisms are already emerging. Some foundations sell assets at discounts to bolster initial market-to-NAV ratios, helping treasury vehicles attract investors early on. Others provide marketing support or community exposure to build recognition. The most forward-thinking foundations facilitate direct integrations, encouraging treasury companies to deploy capital into their networks’ liquidity pools or validator sets.

This relationship is mutually reinforcing. For non-profit foundations, decentralized autonomous treasuries act as a de facto for-profit execution arm. The foundation retains alignment through token holdings, while the treasury company gains the freedom to experiment and expand commercially. Together, they create a self-sustaining growth engine that can deploy capital flexibly while staying loyal to ecosystem objectives.

Such alignment gives foundation-backed treasury companies structural advantages. They become preferred liquidity providers, validators, and service operators within their respective ecosystems. This role positions them not as speculative vehicles but as long-term builders of sustained network liquidity and economic throughput.

The Death of Hype Will Determine the Winners

The compression of market-to-NAV ratios marks the end of the easy-money phase for crypto treasury companies. Hype is no longer enough to maintain valuations. DATs will be forced to prove that crypto assets can underpin superior business models-models that generate recurring revenue, support ecosystem growth, and justify investor confidence even in flat markets. A harsh reality, but a necessary one.

The adjustment will be painful, but it is necessary. Markets are maturing, and investors now expect operational depth, governance transparency, and clear pathways to sustainable yield. The companies that deliver on these fronts will not just survive the current downturn; they will define the next phase of mainstream crypto adoption. For in the end, it is not the hype that endures, but the substance.

Spencer Yang

Spencer Yang is a Managing Partner of BlockSpaceForce (BSF), a crypto-native advisory firm backing teams driving category dominance in the crypto space.

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2026-01-29 18:52