There is a reflexive cycle similar to the boom of the investment funds of 1920.
In the worst case, there would be waterfall breaks that would affect the entire industry.
In a market where Bitcoin (BTC) is becoming, little by little (but more and more rapidly) in the new corporate gold, a wave of public contribution companies put their future in the hands of digital assets, accumulating them as a strategic reserve.
However, the Galaxy Digital Investment Firm warns that This frenzy could be weaving a structural risk networkwith disturbing echoes of the financial excesses that preceded the great depression of the 1930s.
Galaxy Digital has baptized these companies as treasury societies of digital assets (Datco), a type of public company that combines digital assets with traditional finances. These firms, led by pioneers like Strategy under the direction of Michael Saylor, Bitcoin actively accumulates as a central pillar of their corporate strategy.
Strategy, who began acquiring BTC in 2020, marked a turning point when treating Bitcoin not only as a speculative asset, but as a reserve of value resistant to the devaluation of Fíat currencies. With 628,791 BTC, Strategy has more than 70% of bitcoin in the hands of public contribution companiesonly surpassed by Satoshi Nakamoto, creator of Bitcoin and the Bitcoin ETF managed by Blackrock.
Saylor’s approach-emitting debt, making emissions of “at-the-market” shares (ATM) to raise capital and promote Bitcoin-became a replicable model. Companies such as Metaplenet and Semler Scientific have followed their example, consolidating among the big holders.
Between 2023 and 2025, The Datco phenomenon went from being an isolated experiment to a dominant trenddriven by a narrative that sees Bitcoin as a strategic asset.
Beyond Bitcoin
Not only Bitcoin is on the radar. Companies such as Sharplink Gaming (SBET) and BIT Digital (BTBT) They have expanded the model when accumulating Ether (eth), the ethhereum cryptocurrencyand explore performance generation strategies.
The Datco possess 2.73 million ethvalued at 10,000 million dollars, led by Bitmine Immersion Tech (BMNR) with 625,000 eth.
This approach introduces a productive component that Bitcoin still does not offer (the staking), although Galaxy suggests that BTC’s native performance could gain traction in the future.
Geoffrey Kendrick, Global Digital Assets Research Director of Standard Chartered, stressed that Companies have accumulated 1% of the entire ETH in circulation since Juneas Cryptonoticia reported.
There are also companies that have begun to accumulate other cryptocurrencies such as XRP, Solana (Sol) and Sui (SUI).
A fragile model
Datco’s growth depends on a persistent capital premium over its liquidative value (NAV). However, some companies already quote discounts, which could force them to repurchase actions Using your digital or effective asset reservations, the firm points out.
While an isolated repurchase would not be disruptive, Galaxy warns that the high correlation between Datco and cryptoactive markets could trigger a large -scale settlement. A fall in the feeling of investors, the prices of cryptocurrencies or the liquidity of capital markets could destabilize the entire ecosystem.
History offers an alarming parallelism. In the 1920s, investment funds operated with a similar model: they quoted with premiums on the NAV, issued shares and bought more active.
When trust collapsed, the premiums became discounts, access to capital was restricted and leverage amplified losses, unleashing waterfall bankruptcy that culminated in the great depression of 1929. This originated in the United States, from the fall of the New York Stock Exchange and quickly extended to almost all countries in the world.
Although Datco operate in a more regulated environment, NAV -based capital formation mechanisms are remarkably similar. A reversal in this model could exert a significant bearish pressure on cryptocurrency prices, stopping the net accumulation of digital assets.
«A possible result of disinversion is the consolidation of the sector. Larger and better capitalized actors, such as Strategy, who still quote with premium, could start acquiring smaller datco with discounts on the liquidative value. These transactions would allow buyers to acquire BTC with discount using their own capital ».
Galaxy Digital, investment company.
However, this would only work while the acquirers maintain their advantage. A generalized disinversion could weaken the narrative of cryptoactive as corporate assets, also reducing interest in ETFs and affecting market prices.
A still limited impact
For now, The Datco represent only 0.83% of the capitalization of the Global Digital Assets marketwith 32,000 million dollars in assets.
Although its influence is small, its rapid growth and correlation with stock markets generate some concern. The reflexive relationship between the actions of the Datco and the price of Bitcoin amplifies both the increases and the possible falls. If macroeconomic conditions deteriorate, this bullish cycle could become a depressive factor.
As the Datco gain weight in the ecosystem, cryptoactives, His role as promotion of institutional adoption is undeniable.
However, they also introduce structural risks. The growing influence of stock markets on the price of Bitcoin could contradict its goal of being an unbroken asset.
Galaxy Digital emphasizes that, although the risks are theoretical for now, the boom of the Datco requires constant surveillance to prevent a promising model from becoming a financial trap.
