Buying, Holding, and Staking Isn’t Enough for DATs, Says SOL Strategies CTO

DATs:- If there is one model that once promised to bridge traditional finance and crypto, it was the Digital Asset Treasury, or DAT.

But in today’s market, that model is starting to crack.

Recent data from Artemis Analytics shows that the majority of digital asset treasuries are currently sitting on unrealized losses, with only a handful in profit. In some cases, the drawdowns are extreme and run in millions and billions. Firms like Bitmine Immersion Technologies alone are facing losses of more than $6.6 billion.

According to Max Kaplan, CTO at SOL Strategies, “consolidation in the DAT space is no longer a possibility, it’s inevitable.”

Also Read: Case Study on Bitmine’s Ethereum Bet

Why Staking Is No Longer Optional

This is also why staking has become central to institutional crypto products. Many DATs are nnow increasingly staking their holdings to generate additional revenues.

Even within staking itself, trade-offs remain.

The system is not becoming simpler but becoming more nuanced. And for investors, that means choice, not certainty.

Also read: Coinbase x402 Developers on Agentic Commerce

The Essential DAT++ Shift

To explain how DATs need to evolve, Max shares the example of his own DAT, SOL Stratgies. The transition from DAT to DAT++ didn’t happen overnight, it unfolded in phases, shaped as much by market pressure as by strategy.

For SOL Strategies, the early model was straightforward. Like most DATs in 2022–2023, the focus was on accumulating and holding SOL. As the leading Solana DAT, it was specifically relying on balance sheet exposure for upside. But as market conditions tightened, that model began to show cracks across the industry.

By 2023–2024, the shift had begun. The company started building validator infrastructure and expanding staking operations, including the integration of validator businesses like Orangefin Ventures. This marked the move from passive holding to active participation in the network.

As Max Kaplan puts it:

In effect, today SOL Strategies’ model has evolved into DAT++, a hybrid of treasury, infrastructure, and revenue generation. This is something that other DATs such as Bitmine via MAVAN seem to be exploring too.

The timing of this shift aligns with broader market signals. Data from Artemis Analytics shows that most DATs are now trading at or below 1x NAV. This comes even as treasury ownership remains relatively limited, with DATs holding only a small share of total circulating supply under 10% across major assets.

In that environment, the old model of holding assets and hoping for a valuation premium has lost its edge.

Also Read: VARA Counsel on The Next Phase of Digital Finance

The Hidden Inefficiencies in Infrastructure

But even within infrastructure, inefficiencies remain.

Kalpan beleives validator behavior has not fully adapted.