Researcher
Outside BTC and ETH, tokens still struggle to gain traction in the listed markets.
1. From BTC to ALT DAT
After Strategy’s BTC DAT strategy, companies like Bitmine began accumulating ETH and found success. Soon after, countless firms pivoted to DAT strategies focused on SOL, BNB, LTC, SUI, and more.
DAT companies serve many purposes, but the core idea is to help entities that find it hard to access crypto in listed markets gain easier exposure to the underlying assets.
So, has demand for tokens other than BTC and ETH really grown in the listed market?
2. Institutional Interest Still Centers on BTC & ETH
When comparing DAT trading volumes on the stock market with crypto spot volumes on Binance, we see that MSTR, which accumulates BTC, and BNMR, which accumulates ETH, both show significant trading activity in equities.
This suggests strong demand from investors who cannot easily access BTC or ETH spot markets but seek indirect exposure through listed stocks.
In contrast, DAT companies tied to alt tokens show stock trading volumes that rarely exceed 10% of their crypto spot volumes. It implies that institutional investors in the stock market still show little interest in tokens beyond BTC and ETH.
One interesting point is that the data shows TON and TRX DATs stand out with relatively stronger figures compared to other alt token DATs.
There are several reasons why their stock trading volumes appear higher than in crypto, but the main one seems to be that TON and TRX spot volumes are much lower than those of other tokens.
3. What's Next for ALT DAT?
Despite the surge of ALT DAT companies, listed markets still show limited demand for them. Can ALT DAT truly be a sustainable model?
That question is beyond the scope of this comment, but I have analyzed how ALT DAT stocks performed during the recent market crash in a previous article. You can find it in the link below.
