What is changing in digital asset treasury strategies?

Companies are moving from simply holding Bitcoin or crypto to actively generating yield from those assets. This shift is driven by investor demand for returns, not just exposure to token price movements. The trend is often described as moving from “DAT 1.0” (holding) to “DAT 2.0” (earning).

Why are investors no longer satisfied with passive crypto holdings?

Many companies holding digital assets now trade below the value of those assets, signalling market dissatisfaction. Investors want capital efficiency and income generation, not idle balance sheet exposure. This is pushing firms to prove their treasury strategies add real economic value.

How big is the corporate crypto treasury market?

By early 2026, more than 200 public companies held over $115 billion in digital assets. These firms collectively reached a market capitalisation of about $150 billion in 2025. Despite this growth, valuation discounts show the market is becoming more selective.

What is “BTC per share” and why does it matter?

“BTC per share” is a metric used to show how much Bitcoin backs each share of a company. It helps investors assess whether treasury strategies are increasing shareholder value. It is part of a broader push for transparency and accountability.

What are the main strategies companies are using to generate yield?

Three main models are emerging: staking and infrastructure participation, active trading strategies, and credit deployment. Each approach aims to generate income from digital assets rather than just holding them. However, each comes with different risk and complexity levels.

How does staking generate returns for crypto treasuries?

Staking involves locking tokens to help secure blockchain networks and earning rewards in return. Companies can also earn fees through infrastructure like the Lightning Network. This is a relatively “native” crypto yield strategy but requires technical expertise and security management.

What are the risks of using trading strategies for treasury income?

Trading strategies like arbitrage and options can generate returns but require constant monitoring and specialised skills. They also introduce market and operational risks. This effectively turns a treasury function into a trading desk, which not all companies can manage well.

How does credit deployment work with crypto assets?

Companies can borrow against their crypto holdings and deploy that capital into higher-yielding credit markets. This allows them to keep exposure to assets like Bitcoin while generating interest income. However, it introduces credit risk and requires strong underwriting capabilities.

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Digital asset treasuries shift from holding to yield

Written by Brie CarterPublished Apr 6, 2026, 12:00 AMLast Updated May 7, 2026, 3:12 AM

The era of simply holding Bitcoin as a treasury strategy is ending, as companies are now expected to generate returns from their digital asset holdings.

By early 2026, over 200 listed firms held more than $115 billion in digital assets, yet many trade below the value of those holdings, signalling investor dissatisfaction with passive strategies.

Management teams are responding by introducing metrics such as “BTC per share” and launching buybacks to demonstrate value creation beyond token price movements.

One emerging strategy is infrastructure participation, including staking and Lightning Network activity, which generates yield but requires strong technical and security capabilities.

“Investors want to see capital discipline and economic return,”

Said analysis cited in AMINA Bank Research, highlighting the shift toward active treasury management.

A second model focuses on trading strategies such as arbitrage and options, which can generate income but introduce complexity, operational risk, and reliance on specialised expertise.

A third approach uses crypto as collateral to access liquidity and deploy capital into credit markets, blending traditional finance mechanics with digital assets to produce recurring income streams.

At the time of reporting, Bitcoin price was $69,055.51.