The last month hasn’t been great for cryptocurrency markets. Prices dropped, but one part of the crypto industry stayed optimistic. This positive trend came from Bitcoin Digital Asset Treasuries (DATs), which are special reserves of Bitcoin held by institutions. VanEck, an investment management firm (learn more), shared this insight in their latest report called “ChainCheck.”
According to the report, these DATs have been actively buying Bitcoin during the recent downturn. From mid-November to mid-December, DATs purchased 42,000 BTC. This was a 4% increase compared to the previous month. In fact, this is the largest amount of Bitcoin DATs have added since July 2025, when they bought 128,100 BTC.
How much Bitcoin do Digital Asset Treasuries hold?
DATs now hold around 1.09 million Bitcoin (BTC) altogether. This is worth approximately $96.6 billion. Their holdings also make up about 5.5% of the total Bitcoin supply. However, many DATs bought their Bitcoin later during a price increase, so the value of their Bitcoin investments dropped a bit.
One company, however, stands out—Michael Saylor’s firm (read more). This company purchased most of the Bitcoin bought by DATs in the past month, adding 29,400 BTC. Saylor’s firm has a unique strategy where it finances these purchases by issuing stock and using the money to buy Bitcoin. The report from VanEck predicts that other DATs may adopt different methods, such as selling other types of shares to raise funds for more Bitcoin purchases.
Bitcoin Exchange-Traded Products Lag Behind
Not all investors were as confident about Bitcoin as DATs. Exchange-traded product (ETP) investors have been less enthusiastic, with their Bitcoin holdings decreasing to 1.31 million BTC recently. ETPs allow people to buy and trade Bitcoin like stocks or bonds (what is ETP?).
Ethereum Treasuries Break Records
It’s not just Bitcoin that caught attention. Tom Lee’s company (learn about Tom Lee) focused on Ethereum instead. His company has been buying the price dip, adding more Ether (ETH) every week. This week, the company’s Ethereum DAT hit a new record by holding 4 million ETH, valued at $12.3 billion. This makes up 3.36% of all the Ethereum supply. Ethereum DATs are reserves of Ethereum managed by institutions (more on Ethereum DAT).
What Are Long-Term Bitcoin Holders Doing?
VanEck also studied the behavior of people holding Bitcoin for different amounts of time. They noticed a big change among mid-term holders—these are people who held Bitcoin for 1 to 5 years. Their balances dropped because many sold their tokens during this market slump. In crypto, holding onto a coin for many years shows confidence in its future value.
Interestingly, the oldest Bitcoin holders, those who held their tokens for over five years, haven’t made many changes. They’re staying calm despite the recent price drops. Analysts believe this shows they aren’t worried about short-term fluctuations.
VanEck explained that when old Bitcoin gets moved or sold, it joins newer holding groups, which could indicate that Bitcoin prices are nearing a peak in the short term.
In summary, the crypto market has faced challenges recently, but corporations and dedicated reserves like DATs made bold moves to increase their Bitcoin and Ethereum holdings. This confidence from institutional investors might be a positive sign for the future of cryptocurrencies.