Treasuries of digital assets have collected $ 135 billion, but that -model is risky: Vaneck is

According to new research by Vaneck, business crrypto -treasure boxes have collected digital assets.

September was characterized by the continuous growth of digital assets treasuries (DATS), which followed to keep around $ 135 billion in assets, Vaneck reported on Friday.

It is remarkable that strategy is only good for more than half of this total. Last week the Bitcoin Treasury value achieved a record high, although BTC still has to make a new all time.

Michael Saylor’s company currently has 640,031 BTC worth no less than $ 79 billion at current market prices. This appreciates the stock higher than the market capitalizations of Motorola, Airbnb, Bny Mellon and US Bancorp.

It is that -model works for now

DATS uses their share volatility to attract capital by selling securities at prices under their implicit volatility. This attracts advanced traders who buy these “cheap” instruments and cover themselves with “expensive” options, which benefits as volatility comes together.

Vaneck noted that many new DATS miss deep and liquid markets for trade options, for example, making them steep discounts. Bitmine Immersion Technologies is such a company that has recently sold a package with a deep discount, despite the fact that it has the trade volume of other dates twice.

Always good gold clogs in our crypto monthlyhttps://t.co/8zamyyorvx

– Vaneck (@vaneck_us) October 3, 2025

However, the that -model has two important risk factors. Bitcoin volatility has been down almost a decade due to adoption. Since DATS needs continuous volatility to finance purchases, this threatens their business model.

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Moreover, some DATS now act under their net asset values. When this happens, they can start selling options for income instead of issuing shares that can further compress volatility in the sector and create a self -limiting cycle.

“This dynamic could reduce the implicit volatility in the sector and ultimately leave the ‘volatility pit’, which limits the ability of DATS to buy assets.”

Explosive growth not without risk

The that sector was exploded in September 2024 of around 70 companies in September 2025 to more than 200 companies, including more than 190 focused on Bitcoin and 10 to 20 on Ether or Altcoins, reported The Digital Assets Council on Friday.

“This accelerating growth rate emphasizes DATS mainstreaming but underlines leverage and market risks,” warned.

Public and private business Bitcoin treasuries have collectively collected 1.32 million BTC, or approximately 6.6% of the circulating offer, worth around $ 164 billion.

In the meantime, an explosion has collected 5.5 million ETH in new Ether Treasuries, or approximately 4.5% of the total supply worth $ 24.8 billion in just a few months.