2025 encryption financing landscape reshuffle! Digital asset vault investments soar past 15 billion USD, surpassing venture capital to become mainstream.

In 2025, the encryption Capital Market will witness a significant turning point. According to The Block data, as of August, the investment scale of Digital Asset Trust (DAT) has exceeded 15 billion USD, surpassing traditional encryption venture capital for the first time, becoming the dominant force in capital allocation. At the same time, traditional venture capital volume has sharply declined to only 856 transactions, a 56% reduction compared to the same period last year, indicating that institutional funds are accelerating their shift toward digital asset strategies in the public market.

DAT Investment Becomes a New Favorite in the Capital Market, Corporate Financing Scale Reaches New Heights

Digital Asset Treasury (DAT) refers to companies incorporating encryption currencies into their asset reserves, replacing some cash equivalents. This strategy gained popularity rapidly in 2025, as market data shows that companies announcing the adoption of the DAT strategy often experience significant increases in stock prices.

For example, Lion Group recently provided a $600 million financing to Hyperliquid Capital Management Company, and after the announcement, the stock price surged 20% in a single day, highlighting the market's high recognition of this model.

Bitcoin Remains the Core HYPE Token as a Dark Horse

Although Bitcoin (BTC) remains the primary asset held by corporate treasuries, Hyperliquid's HYPE token has unexpectedly become the second most popular target.

Currently, nearly 1.5 billion USD of DAT is held in the form of HYPE tokens, with additional funds reserved for future increases. This trend of diversified asset allocation indicates that companies are no longer solely relying on Bitcoin and are beginning to explore other token opportunities supported by altcoin foundations.

Venture Capital Volume Halved, Institutional Funds Reallocated

The traditional encryption venture capital market notably cooled down in 2025, with only 856 transactions for the entire year, far lower than the 1,933 transactions in the same period of 2024. Established crypto venture capital firms, including DCG, Paradigm, and Galaxy, are directing more funds into DAT projects rather than early-stage funding rounds. This reallocation of funds reflects that institutional investors are more inclined to directly hold crypto assets through the public market, allowing them to enjoy the potential for asset appreciation while retaining liquidity advantages.

The financing amount for July has reached a historical high

In July 2025, the DAT financing scale reached 6.2 billion USD, setting a record for the highest monthly figure.

Analysts point out that this data not only reflects the accelerating pace of public market adoption of digital assets, but also indicates that the DAT strategy has shifted from the attempts of a few pioneers to a core option for institutional capital allocation.

Conclusion

In 2025, Digital Asset Custody Investment (DAT) has risen from an emerging strategy to become a mainstream force in the encryption Capital Market, surpassing traditional venture capital in scale for the first time. As assets like Bitcoin and HYPE become standard configurations for corporate treasuries, institutional funds are reshaping the landscape of encryption investment. In the future, as more listed companies join the ranks of DAT, 15 billion USD may just be the starting point of a new wave of capital.