The rise of digital asset treasury (DAT) corporations can be a meta-narrative in 2025, however the longevity of this motion will rely on capital administration and sound enterprise technique.
Based on Solmate CEO Marco Santori, all DATs must take care of the worth of the underlying tokens they maintain on their steadiness sheets. Whereas this isn’t an issue for revenue-generating corporations, pure DATs will face a troublesome scenario.
The Solana DAT area stands out as the best (other than Bitcoin 😏).
However what makes them totally different? How a lot $SOL do they maintain? mNAV? What’s the yield when staking? Diversified enterprise? @msantoriESQ of @Solmate supplied among the best explainers I’ve heard – “I do not wish to… pic.twitter.com/7bMCr46d78
— Gareth Jenkinson (@gazza_jenks) December 9, 2025
“Multiples of internet asset worth (mNAV) is what number of of those treasury corporations survive. In the event that they’re buying and selling at a excessive mNAV, that means their market cap is bigger than the worth of the cash they’ve on their steadiness sheet, they’ll promote their shares in an accretive method,” Santori stated on Cointelegraph’s Chain Response X present.
“Each greenback they promote a inventory, they take it and go purchase the underlying coin, which will increase their internet asset worth. So long as they’ll keep the premium, they’ll hold doing it. And this can be a pure monetary mannequin. I truly assume this has a future.”
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Nonetheless, the issue is that mNAV decreases as curiosity within the underlying token of DAT wanes. Santori defined {that a} decline in token worth will result in a decline in mNAV.
“Meaning a variety of finance corporations are sitting idle as a result of they cannot develop effectively and successfully. I did not need that to occur. I did not need that for my buyers. I would like them to expertise the expansion of SOL and the Solana community, however I do not need them to journey the mNAV curler coaster,” Santoli stated.
Validator DAT Technique
Solmate is without doubt one of the few main Solana-based DATs to draw vital funding in 2025. Santori initially helped discovered Solana (SOL) DAT with the DeFi Improvement Fund, however he took what he discovered from that “pure” strategy earlier than taking the helm as Solmate’s CEO.
The latter leans closely in direction of offering companies based mostly on a naked steel server enterprise mannequin. A naked steel server is a single-tenant bodily server with direct entry to the {hardware}. Not like digital servers, the place sources are shared, naked steel servers are utterly devoted to 1 consumer, making them supreme for high-performance computing.
Santori stated proof-of-stake protocols like Ethereum and Solana permit corporations to not solely stake tokens, but in addition actively take part in governance.
“For that, you want {hardware}. You want naked steel. You want to have the ability to present extra companies along with your personal validators. That is why we consider this can be a virtuous cycle. We name it the infrastructure flywheel.”
Santori believes there’s a distinctive alternative to supply naked steel validator companies within the Solana ecosystem, on condition that the protocol was uniquely designed for high-throughput companies comparable to exchanges and buying and selling platforms.
“Hedge funds pay prime greenback for entry to exchanges, low latency, excessive efficiency, to allow them to obtain orders sooner than different merchants and have extra details about the market. They do this by co-locating and offering high-performance {hardware},” Santoli stated.
Associated: Solmate seems to be past SOL monetary mannequin with RockawayX acquisition
Solmate CEO stated they goal to construct the infrastructure to make that doable by utilizing naked steel servers, offering colocation, and loading validators with massive quantities of SOL.
“This enables us to be chosen as a pacesetter extra typically in each epoch, which implies we will validate extra transactions, which implies we will order extra transactions inside a given block. We are able to instantly put the money we earn from these companies into shopping for SOL.”
Solmate introduced that it’s going to purchase the RockawayX enterprise in December 2025. This contains the corporate’s validator infrastructure and on-chain liquidity enterprise, in addition to its enterprise and credit score funds. The merger created a mixed entity with greater than $2 billion in belongings below administration.
