Digital Asset Treasuries (DATs) have become the preferred choice for institutional cryptocurrency exposure in 2025, outpacing spot ETFs in both influence and adoption. Unlike ETFs, which merely track crypto prices, DATs actively manage crypto assets using corporate strategies and leverage to enhance returns. Strategy, a leader in the DAT space, has amassed over 632,000 BTC by issuing shares at a premium to its net asset value, utilizing the discount rate to acquire more Bitcoin. DATs such as Bitmine Immersion have shown substantial growth in Ethereum holdings and market value, fueled by staking yields, stock issuance, and strategic acquisitions. Despite their advantages, including protocol-level income and capital flexibility, DATs face challenges like market premium dependency, liquidity volatility, and regulatory uncertainties.