A new class of public companies is reshaping the relationship between traditional equity markets and digital assets.

Digital Asset Treasury Companies (DATCOs), firms that accumulate crypto assets like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) as a core business strategy, now collectively hold more than $100 billion in cryptocurrencies.

Their rapid rise is turning them into a significant force behind crypto’s ongoing bull market.

What Happened: According to a research report by Galaxy Research, DATCOs hold approximately 791,662 BTC and over 1.3 million ETH.

That represents nearly 4% of Bitcoin’s circulating supply and more than 1% of Ethereum’s.

The majority of these holdings are concentrated in a few firms, with Strategy (NASDAQ:MSTR) leading the category at over 600,000 BTC, worth $71.8 billion at current prices and accounting for more than 70% of all Bitcoin held by public treasury companies.

The emergence of DATCOs has created a new financial structure where Bitcoin prices are increasingly influenced by equity market dynamics.

These companies rely on mechanisms like At-the-Market (ATM) equity programs and Private Investments in Public Equity (PIPEs) to raise capital when their share prices trade at premiums to the net asset value (NAV) of their crypto holdings.

That capital is then used to acquire more digital assets, reinforcing their equity premium and encouraging further inflows.

Strategy, Metaplanet (OTC:MTPLF), and others have repeatedly executed this loop.

Metaplanet, …

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