Global #DATs

A new report from Wintermute highlights that the collective market value of key crypto liquidity drivers—stablecoins, exchange-traded funds (ETFs), and digital asset trusts (DATs)—has soared from $180 billion in 2024 to $560 billion by November 2025, representing a greater than threefold increase.

Pantera Capital revealed it has invested $300 million in Digital Asset Treasury companies, or DATs. The firm argues that these investments offer higher risk-adjusted returns than simply holding cryptocurrencies directly.