In a blog post, Watkins highlighted recent analysis pointing out that digital asset treasuries (DATs) collectively hold around $105 billion in assets. Notably, DAT companies are publicly traded firms that raise funds to purchase and manage cryptocurrencies on their balance sheet. Concerning DAT’s recent asset holdings, Watkins asserted that most investors in the crypto market have not yet recognized this scaling. Watkins expanded on the recent crypto analysis by emphasizing how scale plays a critical role in the industry. According to him, what distinguishes them is that returns are generated from crypto per share, not management fees.