Huobi Growth Academy | DAT In-depth Research Report: A New Paradigm of Financial Innovation from On-chain Coins Hoarding to Equity Flywheel

According to Bijie.com, digital asset vault (DAT) has become a new mechanism for the integration of the capital market and the crypto market. It purchases crypto assets such as Bitcoin and Ethereum through equity financing, providing traditional investors with leveraged and structured crypto exposure. Compared with ETFs, DAT has higher liquidity and elasticity, but leverage and pro-cyclical characteristics also amplify risks. In 2025, Ethereum DAT accelerated its development, BitMine held more than 1.52 million ETH, SharpLink increased its holdings through high-frequency financing and fully pledged it, and BTCS innovatively launched ETH dividend incentives. While promoting institutionalization, DAT also faces systemic hidden dangers such as discounted selling and liquidity shocks.