Digital Asset Treasury (DAT) is appearing more often in financial news. This renewed attention started when companies like MicroStrategy began holding Bitcoin in their reserves. What started as simple treasury diversification has turned into a strategic pivot for some firms, transforming their digital-asset holdings into a financially engineered structured product at the core of their business. 

At the same time, this shift has created confusion about what a DAT actually is. The concept now appears in so many different forms that the definition has become inconsistent. Even so, DATs are emerging as an important tool for organisations of all types. With the right structure, a DAT can ring-fence risk, preserve upside, and give organisations clear governance, auditability and a more favourable regulatory and tax position. 

In this feature, Bolder Group’s Digital Assets Lead, Devin Schoor, answers common questions and shares insights into Digital Asset Treasuries. He explains what they are, their strategic purpose, the different forms they can take and Bolder’s role in delivering tailored solutions. 

1. What is a Digital Asset Treasury (DAT)?  

Devin: A Digital Asset Treasury is often confused with simply having crypto as a reserve on the balance sheet, but the idea is broader. I would describe a DAT as a deliberately governed pool of digital assets that is managed for a specific purpose and stakeholder group, following a treasury policy, regardless of the legal wrapper. 

A DAT can sit within a traditional operating company, a DAO or protocol, a foundation, a separate SPV, a fund structure, or even a regulated product. The design depends entirely on the goals, risk appetite and regulatory environment of the organisation. 

2. What is a Digital Asset Treasury Company (DATCO)? 

Devin: This is the version most people know from the headlines. A DATCO is a company whose primary strategy is to hold and manage digital assets. Instead of crypto being a small part of the reserves, it becomes the core of the business model.  

Public companies like MicroStrategy and Metaplanet represent this category. They have effectively turned themselves into leveraged, publicly traded vehicles for digital assets. Investors buy the shares because of the treasury itself. It is a financially engineered structure built around exposure to digital assets. DATCOs are only one form of DAT. Many organisations choose other structures.  

3. What forms of DATs are there?  

Devin: 

a. A DAT inside a company’s balance sheet – This is the most straightforward structure. The operating company holds the digital assets directly and manages them under a treasury policy. 

b. A Digital Asset Treasury Company (DATCO) – A company designed around its treasury. The treasury becomes the core value proposition. 

c. A DAT held through a separate entity – This model is growing quickly. The DAT does not need to sit on the main balance sheet. Instead, assets can be placed in an SPV, fund, or foundation to ring-fence risk, create a bankruptcy-remote structure, or provide investor access. These layered setups allow much more flexible governance and risk management. 

d. A protocol or DAO treasury – Protocols often have large on-chain treasuries holding native tokens, ecosystem assets and stablecoins. The treasury funds development, incentives and long-term sustainability. Many DAOs create a foundation or other legal wrapper that acts as the legal representative of this treasury. Functionally, this is still a DAT, only governed through token voting, multisig or councils rather than a traditional board. 

Each of these structures serves a different strategic goal, but the underlying principle is identical: a governed pool of digital assets managed with clear policies, stakeholder alignment and accountability. 

4. Why are established companies now adopting DATs? 

Devin: Many companies are moving toward Digital Asset Treasuries, and most of the growth comes from placing the treasury in a separate entity rather than on the main balance sheet. This setup provides clearer risk separation, stronger governance, and a structure that better aligns with regulatory expectations. It also makes investors more comfortable, since the assets sit within a controlled vehicle with transparent oversight rather than being mixed into the core business. For some groups, jurisdictions like Cayman or the BVI offer additional tax and structuring advantages, while others seek access to opportunities that require a dedicated vehicle, such as token deals, liquidity programs, or co-investment setups. In practice, a separate entity provides companies with a cleaner, safer, and more flexible way to manage their digital asset strategy. This also applies to firms where liquidity management is essential, including market makers that rely on isolated, well-structured treasuries to support consistent trading activity. 

5. Why is the Net Asset Value (NAV) important for DATs, and how can Bolder help? 

Devin: The NAV is fundamental for any Digital Asset Treasury because it reveals the true economic value of the asset pool after liabilities. It establishes what the treasury actually holds and is essential whether the structure sits within an SPV, a foundation, a fund, a protocol or on a corporate balance sheet. Without a reliable NAV, you cannot properly manage risk, enact a treasury policy or present credible disclosures to investors and stakeholders. It also serves as the backbone for auditability, governance and regulatory reporting, which means regulators and institutional counterparties expect consistency. 

The mNAV concept is appearing more often in the news, especially around companies like MicroStrategy. This applies only to DATs that are publicly traded. In those cases, the company’s equity can trade at a premium or discount to its underlying NAV, and mNAV expresses that multiple. It reflects how the market values the treasury relative to its actual asset backing. For internal DATs or non-listed structures, mNAV is not relevant, but the NAV still is. 

This is exactly where Bolder supports clients. We help design the right structure, apply consistent valuation methods, document the process, and ensure the NAV is calculated in a way that meets regulatory, audit and investor expectations. Whether the DAT is operational or part of a listed strategy, NAV is the foundation and Bolder helps make it robust. 

6. What are the critical regulatory challenges for DATs, and how can Bolder help? 

Devin: Digital Asset Treasuries face a fast-moving regulatory landscape, and the main challenge is that the rules vary widely across jurisdictions. Different structures, such as SPVs, foundations, funds, or protocol treasuries, each trigger its own obligations, ranging from custody requirements and valuation standards to reporting rules, AML expectations, and the treatment of digital assets for accounting and tax purposes.  
 
For cross-border groups, complexity increases because a DAT in Cayman or the BVI sits under a very different framework than a DAT in Europe under MiCA, or a foundation in Switzerland or Singapore. In many cases, DATs held through a separate entity or SPV are proprietary treasuries that manage only the group’s assets. In that setup, they typically do not fall under strict regimes such as MiCA, VASP licensing, or MiFID II, as they do not offer custody, trading, or issuance services to third parties. If the treasury manages assets for external investors, provides services, or issues tokens, the regulatory scope can change, and these regimes may apply. Regardless of structure, DATs still face company law, AML obligations, governance standards and tax rules, and regulators may take a more defined position as the market grows. 
 
Bolder helps clients navigate this landscape by selecting the right jurisdiction, structuring the appropriate entity, setting up governance and valuation processes, and ensuring the digital asset treasury is documented in a way auditors, regulators and investors can rely on. In practice, we help clients build DATs that are safe, compliant and ready for institutional scrutiny, regardless of the structure or location. 

Bolder Fund Services: Digital Asset Treasury Solutions

Digital Asset Treasuries come in many forms:  SPVs, foundations, funds, protocol treasuries or full DATCO structures, but they all share one core requirement: reliable valuation and clear reporting. A DAT is still a governed pool of digital assets, which means monthly NAV calculations, proper reconciliation, auditability, and a reporting framework that regulators and investors can trust. This is where Bolder’s is the natural fit. 

Corporate accounting tools are not built for digital assets. They cannot track pricing across multiple digital asset venues, manage unrealised gains and losses, or apply consistent valuation methods across wallets, DeFi positions and custody accounts. DATs behave much closer to investment structures than ordinary corporate treasury lines, which is why accounting teams and specialised systems are required to produce accurate NAVs and maintain proper oversight. 

Bolder supports the entire setup, from choosing the right legal wrapper and jurisdiction to implementing the governance and valuation processes that your DAT structure needs. We deliver precise valuations, reconciliation, monthly reporting and audit-ready financials. Whether your DAT sits in an SPV, a foundation, a fund or a more advanced structure, we ensure that the treasury is administered with the same discipline and transparency expected from institutional investment vehicles. 

Ready to launch your digital asset strategy? Contact our team to learn how Bolder can set up, operate and manage your compliant digital asset treasury from start to finish.

Bolder Group does not provide financial, tax or legal advice and the information contained herein is meant for general information purposes only. We strongly recommend that before acting on any of the information contained herein, readers should consult with their professional advisers. The Bolder Group accepts no liability for any errors or omissions in the information, or the consequences resulting from any action taken by a reader based on the information provided herein.

Bolder Group refers to the global network of independent subsidiaries of Bolder Group Holding BV. Bolder Group Holding BV provides no client services. Such services are provided solely by the independent companies within the Bolder Group which are each legally distinct and separate entities and have no authority (actual, apparent, implied or otherwise) to obligate or bind Bolder Group Holding BV in any manner whatsoever. The operations of the Bolder Group are conducted independently and have no affiliation with third party financial, tax or legal advisory firms or corporations.