# Digital Asset Treasuries **Route:** `/dats` **Meta title:** Digital Asset Treasuries **Meta description:** Track what each treasury company holds, what it paid, and how the equity trades against the assets behind it. _Generated by `scripts/build-extracts.ts` from `getFeature('dats')`. Edit the content object, not this file._ --- ## Hero _Eyebrow:_ Market Research / DATs **Digital asset treasuries, marked to the chain** Track corporate digital asset balance sheets across public equities, mining operators, and private funds. Reconcile regulatory filings, capital raises, and cost basis directly against verified on-chain wallet movements in real time. - Primary CTA: Request a demo → `/demo` - Secondary CTA: See market research → `/market-research` --- ## Benefits ### SEC disclosure and on-chain reconciliation Hold regulatory disclosures directly against verified on-chain wallet activity. A filing states a position at a date; the addresses behind it settle continuously, and the gap between them is the period an equity is priced on a number that has stopped being current. - **Filing-to-wallet verification**: Audit Form 8-K disclosures, 10-Q quarterly balance sheets, and press releases against monitored on-chain corporate addresses - **Unannounced wallet movements**: Alert on transfers between internal vaults, OTC desks, and custodians before they reach a public filing - **Custodian and multi-sig attribution**: Map treasury storage across institutional custodians and the multi-signature architectures holding it ### Real-time mark-to-market and NAV valuation Value corporate treasuries continuously as the underlying spot market moves, rather than at the last filing. The equity trades all session against reserves that are repriced by the block. - **Live mNAV calculation**: Compute multiple-to-net-asset-value by comparing enterprise value against real-time digital asset reserves - **Per-share backing**: Monitor native asset holdings per outstanding diluted share throughout market hours - **Unrealised PnL tracking**: Track dollar and percentage gains on reserve assets against the price they were executed at ### Cost basis and acquisition trajectory Deconstruct purchase history, averaging schedules, and cost basis over any window. A treasury is not one entry price but a ladder of them, and the blend is what unrealised profit and the breakeven level are measured from. - **Acquisition tranche logging**: Timestamped purchase batches, paired with the spot rate each was executed at and the fiat deployed - **Weighted average cost basis**: Blended entry prices across multi-year accumulation, rather than a single headline number - **Breakeven price modelling**: Measure unrealised profit and the breakeven level against the blended purchase price beneath them ### Capital structure, convertible debt, and dilution Monitor the debt issuance, convertible terms, and ATM equity programmes that fund treasury growth. The reserves are the visible half of the trade; the claims against them decide who actually owns it. - **Convertible note terms**: Principal, coupon, maturity, and conversion strike across each tranche of corporate debt - **ATM equity offering velocity**: Measure share dilution and capital raised through at-the-market programmes as it happens - **Accretion against dilution**: Evaluate whether an issuance raised or lowered native token yield per share ### Cohort benchmarking and relative valuation Track the whole treasury cohort on standardised terms rather than one name at a time. These companies now trade as a group, and an mNAV multiple only means something against the others. - **Cohort performance ranking**: Compare treasury companies on holdings, mNAV multiple, leverage, and 30-day accumulation speed - **Cross-asset treasury distribution**: Isolate the balance sheets holding bitcoin, ether, solana, or a multi-asset reserve - **Miners against holding companies**: Separate pure-play holders from proof-of-work operators accumulating block rewards ### Historical purchase overlays on spot price Track how corporate balance sheet expansions correlated with asset price movement across historical market cycles. - **Transaction timeline mapping**: Visualize exact entry points across multiple purchase rounds alongside long-term market trends - **Macro price context**: Inspect market regime shifts, funding rate environments, and drawdown levels during active buying windows - **Cost basis trajectory**: Project cumulative treasury accumulation over price history to isolate high-conviction buying bands --- ## Stats **Institutional treasury coverage** Institutional teams rely on Seerian for continuous visibility into global corporate treasuries, capital raises, and reserve backing, normalised into one workspace. - **On-chain**: Live wallet verification - **Cost basis**: Historical tranche logging - **Any timeframe**: Full historical coverage --- ## Research tools **Universal treasury company analysis tools** Apply Seerian’s core research capabilities to any individual treasury company across the platform using standardized market data inputs. - **Treasury cohort comparison**: Chart total reserves, mNAV multiples, and share price performance across public treasury companies side-by-side on shared axes → `/market-research/compare` - **Cross-asset correlation matrix**: Measure historical correlations between treasury equity prices, the native tokens they hold, and the broader equity indices they sit in → `/correlation` - **Corporate and treasury entity graph**: Map the relationships between a corporate parent, its debt issuance vehicles, its filings, and the addresses its reserves are stored at → `/relationships` - **Treasury mNAV and dilution spread indicators**: Monitor real-time mNAV multiples, premium and discount spreads, ATM share dilution velocity, and convertible debt strike buffers in one consolidated dashboard → `/indicators` --- ## Showcase **Collaborative treasury analysis** Document treasury research, attach notes to specific debt offerings or filings, and discuss positioning with your team alongside live market data. - **Discussion and annotation**: Document treasury research, attach notes to a specific debt offering or 8-K filing, and discuss it in context alongside live market data → `/team-collaboration` - **Watchlist integration**: Add corporate treasury names, mining operators, or individual debt tranches to shared team watchlists with a single click → `/watchlists` - **Custom dashboard pinning**: Pin treasury mNAV leaderboards, corporate cost-basis tables, or reserve tracking charts directly to custom team dashboards → `/dashboards` - **Contextual news feed**: Stream verified filing notifications, debt offering announcements, and on-chain whale movements against the balance sheets you monitor → `/news` - **Custom alert routing**: Route threshold notifications for unannounced wallet transfers, mNAV premium and discount spikes, or 8-K drops to Slack, Telegram, Teams, WhatsApp, or PagerDuty → `/alerts` - **Seera AI prompts**: Summarise the debt terms in a Form 8-K, calculate net accretion per share from a recent equity offering, or draft an internal treasury due diligence note → `/seera` --- ## FAQ Answered in [/faq.md](https://seerian.com/faq.md), the extract of [/faq](https://seerian.com/faq), which carries every question on the site. --- ## CTA - Request a demo → `/demo`