DATs Evolve Beyond Token Promotion Into Distribution Platforms, EastPoint: Seoul 2026 Panel Says

Digital asset treasury, or DAT, companies that stockpile cryptocurrencies are taking on a new role, according to speakers at an industry conference in Seoul. They said DAT firms are moving beyond simply holding digital assets and into a stage where they generate real revenue from those reserves.

Christopher Jensen, chief executive officer of StablecoinX, said during a panel discussion at the Web3 private conference EastPoint: Seoul 2026 in Seoul's Gangnam district on Sept. 28 that the role of DAT companies is changing. "DAT companies are no longer simply businesses that promote or speak for a specific digital asset," he said. StablecoinX is a DAT company that holds about 20% of the total token supply of Ethena.

The panel discussion was held under the theme, "DAT: A New Frontier in Corporate Treasury Strategy." Along with Jensen, participants included Hyperion DeFi CEO Jung Hyun-su and Ethergas founder Kevin Rebbso.

Jensen said DAT companies can serve as distribution platforms for digital-asset ecosystems. The ecosystems tied to the digital assets that underpin DAT companies contain real products, he said, and DAT firms can help deliver those products through distribution channels that are difficult for protocols to reach directly.

Many DAT companies are evolving from businesses that merely hold digital assets into distribution platforms, he added, calling that a significant shift for the DAT industry.

Jung said DAT companies should contribute more actively to the ecosystems of the digital assets they accumulate. "What DAT companies need to do is go beyond continuing to accumulate digital assets and consistently contribute to the growth of those ecosystems," he said. "Ultimately, they need to put balance sheets backed by those stockpiled digital assets to practical use."

He also cited Hyperion DeFi, which holds Hyperliquid's HYPE token, as an example. When new markets or products are created on Hyperliquid, Hyperion DeFi can provide capital and infrastructure and share in the resulting revenue, Jung said. The company also supports participants entering the Hyperliquid ecosystem by building credit and trading infrastructure.

Speakers said a broader mix of revenue models could also change how DAT companies are valued. Jensen said the first metric that can be applied across DAT companies is the ratio of market capitalization to modified net asset value, or mNAV. Over time, however, DAT companies will increasingly be valued on the sum of their individual businesses, he added.

"DAT companies have treasury assets on one side, but they also have operating businesses that make use of those assets," he said. "Like other companies, DAT firms should be valued using operating metrics such as revenue, customers and annual recurring revenue."

Park Si-on, Bloomingbit reporter / Lee Jun-hyung, Bloomingbit reporter