Introduction Digital asset treasuries have evolved since 2020, when early adopters began purchasing Bitcoin as a strategic reserve. That approach helped seed a new treasury class with substantial scale, but critics have argued that simply holding crypto on corporate balance sheets does not maximize shareholder value or advance broader adoption. A proposed evolution—DATs 2.0—argues for deploying capital into infrastructure and programs that bolster the crypto ecosystem, rather than relying solely on price appreciation. Key Takeaways Early digital asset treasuries popularized buy-and-hold Bitcoin, spawning a new class with significant capital but mixed use of funds. DATs 2.0 shifts from passive holding to active deployment, financing ecosystem-friendly projects across mining, custody, payments, lending, and liquidity infrastructure. Relying on rising crypto prices is not a treasury strategy; patient capital that strengthens the network can help realize long-term value...