Digital Asset Treasury Companies (DATs), listed companies whose sole purpose is to build and manage cash in digital assets such as Bitcoin or Ethereum, are now more than just an atypical model: they embody a financial revolution. Picked up by MicroStrategy in 2020, they are now multiplying on a global scale.
To date, more than 250 listed companies hold Bitcoin on balance sheet, representing around 4% of global supply.
Collectively, these vehicles hold more than 791,000 BTC and 1.3 million ETH, and have raised more than $15 billion since the beginning of the year, outpacing the amount invested in crypto venture capital: according to several studies, VC investments in crypto reached $16.5 billion in the first half of 2025, a record level.
This trend is eerily reminiscent of listed property companies, which exclusively hold property assets on the balance sheet: DATs apply the same logic, but with digital reserves. Indeed, one can't help but think of the first central banks of the XVIIIᵉ and XIXᵉ centuries, whose main function was to hold reserves and issue money: a role mirrored by these new digital entities.
Many types of TAD
There are also several types of TAD. Some focus their balance sheets exclusively on Bitcoin, in a universal digital reserve logic. Others position themselves as ETH-DATs, convinced that the Ethereum ecosystem, with its staking revenues and decentralised uses, represents a cash asset of the future.
Finally, there are already projects that allocate capital to more exotic and volatile tokens - a much more speculative, and potentially risky, strategy that questions the very legitimacy of the model.
In France, while the phenomenon remains embryonic, there are already some notable figures. Capital B (ex-Blockchain Group) and Sequans are now among the world's top 20 crypto cash players. The former has repositioned itself on Bitcoin, while the latter, a semiconductor specialist, has surprised by allocating a significant proportion of its reserves to BTC - bold choices that demonstrate our hexagonal ability to compete on these major issues.
This model is based on a very clear triptych of value. Firstly, it allows investors to bet on the future valuation of crypto-assets via a listed instrument, but also by increasing the number of cryptos per share.
Secondly, in the face of expansive monetary policies, it offers a hedge against inflation, comparable to that which real assets or even the desire for stability of the first central banks could offer in the past.
Finally, these companies represent a bridge between traditional finance and digital assets, considerably reducing administrative and tax frictions - you can access Bitcoin or Ethereum as simply as a traditional stock market share, without having to manage custody, wallets or crypto complexity.
But how does a DAT actually increase the number of BTC per share over time? The mechanics are simple. First, by taking advantage of premium equity: when its shares trade above the value of its net reserves, the company can issue new shares and raise more capital than the intrinsic value of its BTC, which mechanically enriches each shareholder.
Then, by using debt leverage: bond or convertible issues make it possible to finance Bitcoin purchases without immediate dilution. Finally, by any non-dilutive or slightly dilutive process - strategic partnerships, bonds convertible into BTC - that ensures the growth of reserves without degrading the value of each existing share.
Concrete risks
But beware, these opportunities come with concrete risks. DAT shares often trade at an equity premium, reflecting confidence in management and its ability to deploy capital effectively.
In bull market phases, this magnifies returns, but in the event of a downturn, this premium evaporates immediately, causing discounting, forced selling and painful dilution. DATs using leverage are particularly vulnerable: a sharp fall in Bitcoin or Ethereum could undermine their financial model, or even jeopardise the continuity of the business. In France, with a smaller market and lower volumes, such a shock could have tenfold effects.
There are several barriers currently holding back their growth. The first obstacle remains the lack of institutional investors and asset managers prepared to take on exposure to this type of vehicle. Constrained by strict prudential rules, many are still reluctant to allocate capital to DATs, which are perceived as too speculative.
The regulatory framework, via the PSAN statute, provides a good framework for exchange and custody services, but it does not yet define a clear basis for a listed holding company whose main activity is to hold digital assets.
However, the potential is tangible and a few emblematic French platforms could unite the ecosystem and win the confidence of the market.
Their success will be based on four conditions, ranked from the most accessible to the most complex: firstly, guaranteeing rapid access to listed markets, a sine qua non condition for attracting significant capital.
Then, deploying strong communication power to convince retail and institutional investors, embodying a clear and educational crypto vision. Next comes the requirement for solid expertise in the underlying assets - Bitcoin, Ethereum - which is essential for managing their volatility and identifying market opportunities.
Finally, building high-performance financial products - certificates, derivatives, structured notes - so that investing in a DAT becomes as seamless as investing in an ETF. This rare expertise will be our competitive advantage.
These conditions, though complex to achieve, are not out of reach. France has abundant savings, powerful institutional investors, a regulatory framework that is in the process of being structured and entrepreneurs who are already active on these issues.
While Capital B and Sequans have led the way, others could follow. Provided they combine financial rigour, product innovation and education - French DATs have the potential to become one of the most symbolic financial instruments of the next decade.
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