- Digital asset treasuries (DATs) began buying and holding Bitcoin in 2020 and now represent a large corporate treasury class.
- Many DATs have merely held crypto, exposing shareholders to market and regulatory risks instead of pursuing active treasury strategies.
- DATs 2.0 proposes redeploying capital into mining, custody, payments, lending and liquidity infrastructure to strengthen the ecosystem.
- Repurposed DAT capital could serve as long-term, patient “slow capital” similar to bank backing in traditional finance.
- Venture capital and hedge funds are considered ill-suited for this role due to return horizons and investor expectations.
Mike Maloney, chairman of 21 Vault, says digital asset treasuries began in 2020 when Strategy chose to buy and hold Bitcoin. That approach built treasuries with a combined market cap exceeding $80 billion. Maloney argues the passive buy-and-hold model leaves assets idle and exposes companies to market downturns and regulatory risks.
The passive strategy places balance-sheet risk on companies and risks classification as investment entities in some jurisdictions. According to the piece, corporate hodling does not generate returns for shareholders or support the underlying networks. Maloney notes these treasuries are not funding improvements such as Lightning liquidity, custody, or development that would strengthen Bitcoin’s infrastructure.
The proposed DATs 2.0 model would invest treasury capital into ecosystem infrastructure. Target areas include mining, custody, payments, lending and liquidity solutions that directly support the Bitcoin network. The argument is that these investments help sustain the network and make price appreciation more likely without relying solely on market movements.
Maloney frames repurposed DAT capital as a form of patient, permanent financing—what he calls “slow capital.” He contrasts this with venture capital and hedge funds, which typically seek higher returns or time-limited exits and thus are less suited to provide long-term support. DATs 2.0 would act more like long-term ecosystem financiers, deploying capital to projects that underpin cryptocurrencies.
The article presents this shift as a strategic option for DATs and the broader crypto ecosystem. It emphasizes that companies should adopt active treasury strategies that both generate shareholder ROI and contribute to network resilience and adoption.
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