Everyone knows what MicroStrategy and Michael Saylor are doing with Bitcoin.
The concept of a Digital Asset Treasury (DAT) has become one of the stronger narratives this cycle, with companies holding crypto directly on their balance sheets as a core strategy.

We all Bitcoin is king daddy of them all, but companies have been adding other alts to their balance sheet. As part of my mission to add more educational content to this sub, here are the companies that are accumulating other assets like ETH, SOL, or even meme tokens.

And also, probably more importantly, the ones are doing it with real revenue and not just capital raises

ETH-Focused DATs

Most Ethereum-based DATs fund their holdings through stock offerings, convertible debt, or token raises. After that, they rely on staking or restaking to generate yield and compound their positions.

This model increases balances but doesn’t introduce new external capital into the asset. In other words, they’re compounding what they already raised, not creating fresh demand.
Other holders are effectively diluted, not strengthened.

• BitMine Immersion (BMNR) – Positions itself as an Ethereum treasury that earns staking yield and reinvests mining and operating revenue into more ETH accumulation.
• ETHZilla (ETHZ) – Uses restaking and other ETH deployments, reinvesting part of those onchain yields into new ETH purchases.
• SharpLink Gaming (SBET) – Tom Lee's company grows its ETH position through staking rewards while initial accumulation came from capital raises.

In all three cases, the “revenue” comes from the asset itself through staking rewards. These returns compound existing holdings but don’t create new market demand for ETH.

SOL-Focused DATs

In the Solana ecosystem, Multicoin Capital is the closest analog to a DAT.
Its growth comes from venture capital inflows and early accumulation, with staking yield helping compound returns.

Like Ethereum treasuries, it’s an internal growth loop funded by investors, not business operations.
No new external cash flow is entering SOL from real-world revenue.

The Other Guys

Some companies have begun to hold DOGE or LTC on their balance sheets, but these are typically passive treasury strategies rather than active revenue-driven accumulation.

For example, Bit Origin has announced plans to build a Dogecoin treasury and is raising capital (equity and debt) to acquire DOGE. Other public companies hold DOGE as part of reserves, but there’s no public evidence they are making ongoing purchases to increase those holdings like with see with MSTR.

As for LTC, MEI Pharma, Inc. (MEIP), a biotechnology company, purchased 929,548 LTC tokens in August 2025, using proceeds from a $100 million private placement to establish LTC as a core treasury asset. They haven't made any subsequent purchases.

DOGE and LTC treasuries show an interest in crypto assets being held by companies, but we haven't seen further accumulation like we've seen in BTC or larger alts.

Projects Buying-Back Their Token to Burn

Some projects use revenue for buybacks and burns, but that’s a very different dynamic.

Hyperliquid is the most notable and successful example, directing roughly 90 percent of its trading fees to buy back and burn its own token.

This creates onchain demand, but the purchases are internal to the protocol. There’s no external business choosing to spend its revenue to accumulate the token, which to me is a bigger indication of belief in using digital assets as a treasury holding.

Buyback-and-burn mechanisms help reduce supply, but they are not the same as a company with real-world income deciding to buy and hold tokens.

Businesses Using Revenue to Buy a Token

After researching across different ecosystems, I could only find one company using revenue to buy a token.

Safety Shot, initially a publicly traded beverage company, recently acquired a 10 percent revenue share in BONK.fun and an initial 25 million dollar position in BONK tokens. They added that they will reinvest roughly 90 percent of its revenue share into open-market BONK purchases, effectively tying its business success to the BONK ecosystem.

This is wild to me, as for many BONK is just a memecoin on Solana. However, BONK.fun, the BONK ecosystem’s meme launchpad, already uses over 50% project revenue to buy back BONK and other top-performing tokens launched on its platform.

I'd imagine Safety Shot saw BONK's revenue model and the platform pumping its token and saw an opportunity to get in early on the success.

While we haven't seen TradFi companies do this with other buy-back-and-burn projects (Hyperliquid, deBridge, ApeX, etc), I think if Safety Shot has success it may be the blueprint.

tl;dr

• BTC treasuries are the most common, but we are seeing other assets now being accumulated by TradFi
• ETH and SOL treasuries grow primarily from staking yield on assets funded by earlier raises, compounding internally and diluting existing holders.
• Some companies hold DOGE or LTC on their balance sheets, but they do so via capital deployment, not via business revenue.
• Most altcoin DATs still rely on external funding or token sales to build their holdings.
• BONK & Safety Shot is, so far, the only case I could find where a TradFi company is using its own revenue to actively buy a token on the open market.

I expect over the next 1-2 years, we'll see an explosion of DATs across many different coins. Using revenue to buy tokens is a very interesting model, similar to stock buybacks.