Syncracy Co-Founder: DAT Companies Could Become the "Berkshire Hathaway of Blockchains"
Date: 2025-09-30 Author: Oliver Abernathy Categories: BLOCKCHAIN
Syncracy Capital co-founder Ryan Watkins stated that cryptocurrency companies accumulating digital assets as treasury reserves (DAT) have the potential to transform into the "Berkshire Hathaway of Blockchains." He believes they are no longer mere speculative entities and are gradually becoming long-term architects of network development.
The expert noted that the total assets held by DAT companies amount to approximately $105 billion, including Bitcoin, Ethereum, and several other leading cryptocurrencies. However, according to Watkins, the market does not yet fully understand the scale of their potential influence.
"We can view DATs as publicly traded crypto funds, but with much broader objectives: from capital allocation and new project creation to participation in network governance," he emphasized.
Today, investors remain focused on short-term metrics—from NAV premiums to fundraising rounds and choosing the "next big token." But the true power of DATs, according to the analyst, lies in their ability to influence blockchain governance and operations.
He cited the examples of Solana and Hyperliquid, where significant stakers can exert direct influence: in Solana, large RPC providers and market makers speed up transaction confirmations and reduce spreads, while in Hyperliquid, heavily staked frontends reduce fees for users.
As an illustration of this trend, Watkins cited the recent move by Brera Holdings PLC, which launched a Solana DAT company under the Solmate brand. Unlike strategies focused solely on Bitcoin, DAT companies use tokens with programmable functionality—ETH, SOL, HYPE—to generate on-chain income through staking, lending, liquidity provision, or voting.
Watkins noted that such structures combine features of different financial models: the long-term capitalization of closed-end funds, the balance sheet-oriented approach of banks, and the investment philosophy of Berkshire Hathaway. A key difference from traditional asset managers is that DAT's income is accumulated directly in cryptocurrency per share, rather than in the form of fees.
However, he cautioned investors against excessive optimism: not all players will survive the competition. Most companies relying solely on financial engineering without real operational mechanisms could disappear from the market. In the future, Watkins predicts, we can expect consolidation, new experiments in financing, and even risky strategies dictated by changing market conditions.
