October 26, 2025

Imagine a sunscreen that repels sharks, a whiskey tasting like chocolate, and a drink that lowers your blood alcohol fast—all once real businesses struggling with losses. Now, these very companies have jumped into the cryptocurrency craze, transforming into what experts call digital asset treasury companies (DATs). That means their main game now is buying and holding cryptocurrency on their balance sheets. Surprise! They’re fueling one of the hottest trends in markets and crypto right now. Since the start of this year, billions of dollars flowed into these revamped DAT companies. More than 200 publicly traded firms have announced plans to store crypto assets, leaving behind their old, struggling products—like lavender-flavored vodka or ozone-infused water from “nanobubble” tech. They hope to cash in on the crypto boom and attract new investors. Big names and shady characters both jumped in. Eric Trump, son of former President Donald Trump, proudly said at a Nasdaq ceremony, “We’re going to change finance forever, it’s that simple.” His family’s crypto project even backed one of these DATs. But experts like Austin Campbell from NYU warn, “We are probably past peak DAT, if we’re being honest about it.” How do these DATs work? Companies sell stocks to raise money, then buy cryptocurrencies like Bitcoin or more exotic tokens. MicroStrategy led this wave by buying massive amounts of Bitcoin since 2020. Michael Saylor, a Bitcoin fan, helped push MicroStrategy’s stock sky high! DATs make crypto easy for everyday investors. S.Y. Lee, founder of crypto firm Story, says, “Here you just go to your brokerage account … you just buy the shares.” This removes the headache of managing complex digital wallets. For failing companies, becoming a DAT is like hitting a reset button. But it’s not just for good causes. Mill City Ventures agreed to pay over $1 million a year just to have crypto managers handle their coins. Plus, insiders have cashed in millions—like SRM Entertainment’s CEO Richard Miller. He bought shares cheaply and sold them at a massive profit right after the crypto announcement. The stock then tanked. SRM Entertainment, once selling theme park toys and shark-repellant sunscreen, pivoted to a DAT focused on Tron crypto thanks to Justin Sun, a major crypto billionaire who’s been involved with the Trump family projects and whose life is packed with controversy and legal battles. Another DAT, Safety Shot, markets a drink claiming it cuts blood alcohol in half. This company, which once sold vague health products, got into legal trouble for fake press releases, even facing a lawsuit by the famous Coachella festival. Then there’s Alt5 Sigma, a fintech firm that took a plunge into Trump family-linked crypto tokens. This company has a messy history of lawsuits, SEC issues, and accusations of money laundering. Eric Trump was meant to join their board but ended up as just an “observer” to please Nasdaq rules. Is history repeating itself? Back in 2017-18, firms like Kodak and Long Island Iced Tea jumped on the crypto bandwagon, only to crash later—the tea company got delisted and tangled in insider trading cases. Could the new flood of DATs end the same way? The SEC’s plans to allow crypto exchange-traded funds (ETFs) might shake things up, but some experts say DATs could still hold strong. Jason Rozovsky from crypto firm Axelar put it simply: “Investor interest in bitcoin DATs has continued to grow, even as ETFs and other compliant options have become available, which suggests these structures may remain a durable part of the market.” So, are DATs the future heroes of finance or the next big bubble? Only time will tell, but one thing’s for sure—these companies have turned the crypto craze into a wild rollercoaster full of surprises!

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Tags: Cryptocurrency, Dat companies, Stock market, Microstrategy, Trump family, Crypto investment,