DATs In Crypto: From SPACs To Cash-Flow

Introduction: The strategic shift of DATs

Digital Asset Treasuries (DATs) are entering a new phase of growth. While SPACs once served as a quick path to listing and raising capital, the dominant trend today is moving toward mergers, acquisitions of cash-flowing businesses, and partnerships with traditional companies. This shift highlights the urgent need for sustainability, as DATs must demonstrate their ability to generate long-term value beyond simply holding bitcoin.

The Strive – Semler deal: A historic milestone in consolidation

The acquisition of Semler by Strive has become a landmark event, marking the first public merger between DATs. The deal consolidates thousands of bitcoin under one entity and elevates “bitcoin per share” as the primary valuation metric. This transaction not only expands scale but also strengthens investor confidence, signaling the beginning of a consolidation wave across the sector.

Three main paths shaping the future of DATs

The growth of DATs is expected to follow three major directions. The first involves mergers among DATs themselves, allowing for stronger balance sheets, higher BTC per share, and greater access to capital markets. The second is the acquisition of operating businesses with stable revenue streams, which offsets share dilution from bitcoin purchases and builds sustainable growth. The third is moving away from SPACs, which are often fraught with regulatory and financial risks, toward direct mergers with legitimate operating companies that bring real market value.

Case study: Metaplanet and its “phase two” strategy

A notable example of this shift is Japan’s Metaplanet. The company has announced a “phase two” growth plan that prioritizes acquiring cash-flowing assets to complement its bitcoin reserves. At the same time, other DATs are partnering with financial institutions and advisory firms to restructure their capital base and secure lending options that enable long-term expansion.

Outlook: What lies ahead for DATs?

The outlook for DATs in the coming years will center on three critical pillars: large-scale consolidation, acquisitions of cash-generating firms, and strategic partnerships with traditional operators. The Strive-Semler merger is likely only the beginning of a broader restructuring wave, one that redefines value creation in the treasury space by integrating business operations and driving sustainable growth beyond bitcoin holdings.

Disclaimer: This article is intended solely to provide information and market insights at the time of publication. We make no promises or guarantees regarding performance, returns, or the absolute accuracy of the data. All investment decisions are the sole responsibility of the reader.