Treasury Companies: A New Model for Digital Asset Accumulation

Marco Santori, CEO of Solmate, advises against viewing digital asset treasuries as a trade, instead seeing them as a replacement for the traditional foundation model of accumulation strategy. He discusses this with Tim Stenovec and Scarlet Fu on Bloomberg Crypto.

ETHZilla, a Nasdaq-listed decentralized finance technology firm, has secured $350 million through convertible debentures to expand its Ethereum-focused treasury strategy. This funding, announced on September 12, 2025, follows a previous tranche of $156.5 million, bringing the total debenture program value to nearly $500 million ETHZilla Files for $350M Funding as Digital Asset Treasuries Grow^[1].

The company now holds 102,264 ETH worth approximately $462 million, along with $559 million in cash and US Treasuries. ETHZilla plans to invest in Ethereum scaling protocols and real-world asset tokenization to boost cash flow. This strategy mirrors that of Bitcoin-focused companies, which have influenced cryptocurrency price surges in previous market cycles ETHZilla Files for $350M Funding as Digital Asset Treasuries Grow^[1].

The new debentures carry a 2% annual interest rate, with the conversion price set at $3.05 per share. Under revised terms, earlier notes remain interest-free until February 2026, after which they will convert to a 2% interest rate, down from the previous 4% ETHZilla Files for $350M Funding as Digital Asset Treasuries Grow^[1].

ETHZilla's CEO, McAndrew Rudisill, stated, "We are committed to being responsible stewards of our shareholders' capital." The company's hybrid strategy focuses on both investing in short-term securities and Ethereum scaling protocols ETHZilla Files for $350M Funding as Digital Asset Treasuries Grow^[1].

The growing trend of digital asset treasuries (DATs) is influencing Ethereum's supply. Currently, 4.34% of the total ETH supply is controlled by corporate entities like ETHZilla. These companies act as quasi-fund managers for digital assets, helping tighten the supply and support ETH's price ETHZilla Files for $350M Funding as Digital Asset Treasuries Grow^[1].

Amber Premium, a leading provider of institutional digital asset financial services, has also entered the DAT sector, addressing the gap in sophisticated infrastructure for managing digital assets. The company offers comprehensive services, including consulting, trading solutions, financing, custody, and compliance support, to help institutional clients navigate the digital asset landscape Amber Premium Enters Digital Assets Treasury (DAT) Sector with Strategic Launch of Institutional-Grade Digital Asset Management Services^[2].

Marco Santori, CEO of Solmate, advises against viewing digital asset treasuries as a trade. Instead, he sees them as a replacement for the traditional foundation model of accumulation strategy. Santori discussed this with Tim Stenovec and Scarlet Fu on Bloomberg Crypto, emphasizing the strategic importance of these treasuries for long-term value creation .