Crypto Treasury Firms Could Mirror Berkshire Hathaway’s Success Over the Long Term, Analyst Notes

Crypto Treasury Firms Could Become Long-Term Blockchain Powerhouses, Says Analyst – 28/9/2025

Crypto treasury firms that accumulate large token holdings may evolve from speculative investment vehicles into enduring economic engines for blockchain ecosystems, according to Ryan Watkins, co-founder of Syncracy Capital.

Digital asset treasury (DAT) firms are publicly traded companies that raise capital to acquire and manage crypto on their balance sheets. In a Sept. 23 blog post and X thread, Watkins noted that DATs already control roughly $105 billion in assets across Bitcoin, Ether, and other major tokens—a scale often overlooked by the market.

Beyond Speculation
Watkins says most attention has focused on short-term trading metrics, such as premiums to net asset value and fundraising announcements, ignoring DATs’ potential to influence governance, product development, and network growth.

“We see select DATs evolving into for-profit, publicly traded counterparts to crypto foundations, with mandates to deploy capital, operate businesses, and participate in governance,” he wrote.

Many DATs already control significant slices of token supply, allowing their treasuries to act as levers for policy and products. On Solana, staking more SOL can improve transaction efficiency, while on Hyperliquid, staking HYPE can reduce user fees or increase take rates without added costs. Access to permanent pools of native assets enables firms to scale operations effectively.

Programmable Money and Active Balance Sheets
Unlike bitcoin-only strategies, tokens on smart contract platforms—ETH, SOL, HYPE—are programmable. DATs can stake for fees, lend, supply liquidity, participate in governance, or acquire ecosystem infrastructure such as validators, RPC nodes, or indexers, transforming treasuries into productive, yield-generating balance sheets.

Watkins compares winning DATs to a hybrid of closed-end funds, REITs, and banks, with a compounding philosophy similar to Berkshire Hathaway. Returns accrue in crypto per share rather than management fees, making them direct plays on their networks. Tools like equity, convertibles, and preferred shares allow DATs to expand balance sheets, while on-chain yields support sustainable growth.

Risks and Survivors
Watkins cautions that not all DATs will succeed. Early-generation firms heavy on financial engineering but light on operational execution may falter, and competition or premium pressures could drive consolidation or risky maneuvers.

The firms that survive will combine disciplined capital allocation with strong operational execution, recycling cash flows into token accumulation, product development, and ecosystem expansion. “Over time, the best-managed DATs could evolve into the Berkshire Hathaways of their blockchains,” Watkins concludes.