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DAT

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🪙 On-chain Digital Asset Treasury

A Digital Asset Treasury is a variant of a Flying ICO that has a mission to accumulate a digital asset which buyers believe will appreciate in value against USD. It locks up coins in the "vested" pool, and uses them as collateral for long-term financing. DATs that get financing on favorable terms can generate value that adds a NAV premium.

Public DAT IPOs raised $20B in 2025. About 25% of this money was wasted on costs of structuring, issuing, and management. These costs force public DAT's to sell stock at a premium to underlying value, leading to losses for Investors. A Stak on-chain DAT eliminates most of those costs. It starts at a zero NAV premium. It can easily return assets to investors if it trades at a discount.

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Who it Is for

Issuers and managers of large-cap assets seeking to place assets into long-term lockup. Any rewards for holding and using the token are locked into the vested pool, and do not leak to short-term depositors.

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What Buyers Get

  • Depositors receive a DAT share at zero NAV premium.

  • Depositors can redeem original deposit value until tokens are sold or vested

  • The DAT grows mNAV with yield

  • The DAT may earn a NAV premium by using vested value as collateral for long-term financing and operations

If the DAT token trades below NAV value, the pool can turn on full redemptions at NAV.

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How DATs add value

DAT buyers believe that over the long term, their asset will grow in value compared with fiat currencies like USD. The goal of a DAT is to accumulate an asset with leverage, and hold it through long-term price cycles.

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