DAT Strategy and Encryption Company Stock Prices: Analyzing the BTC/ETH Fiscal Effect

Recently, some companies have begun to implement Digital Asset Treasury (DAT) strategies, attracting widespread attention in the market. This strategy not only affects the company's asset structure but also has a significant impact on stock prices. Taking a certain technology company as an example, since it implemented the Bitcoin strategy in 2020, its stock price has soared from $13 to $455, an astonishing increase.

Behind this huge increase in stock price, how much can be attributed to the rise in Bitcoin price itself, and how much is the effect of the DAT strategy? Analysis shows that out of the company's 35-fold increase in stock price, the Bitcoin price contributed 11 times, rising from $11,000 to $118,000, while the treasury strategy contributed 25 times. This means that the impact of the treasury strategy far exceeds the effect of the token price increase itself.

The DAT strategy increases the number of tokens held per share in various ways:

1. When a company issues stocks at a price higher than the net asset value, the number of tokens per share will increase.
2. The volatility of token prices has reduced borrowing costs, thereby increasing investment returns.
3. Using convertible bonds or preferred stocks can limit equity dilution.

It is worth noting that the volatility of ETH is higher than that of BTC, so this volatility may have a more significant impact on ETH DAT than on BTC DAT.

Data from a certain company's financing activities shows that since incorporating Bitcoin into its treasury in 2020, the company has raised funds through various means, including internal cash, convertible senior bonds, senior secured bonds, secured loans, and an ATM stock issuance plan. Nearly all of these funds have been used to purchase Bitcoin.

Another company named Bitmine announced its Ethereum treasury strategy on June 30, 2025, and completed the transaction on July 9. Comparing the initial performance of the two companies, Bitmine acquired $1 billion worth of Ethereum just 7 days after the transaction was completed, while the aforementioned tech company acquired tokens worth $250 million during the same period.

These cases indicate that the DAT strategy can not only increase the number of tokens held per share by the company but also significantly impact the company's market value and stock price performance. As more companies begin to explore and implement the DAT strategy, we may see this trend generate more interesting interactions between the encryption and traditional financial markets.