As per RBC, in 2025, companies accumulating cryptocurrency as reserves (DAT-companies) raised over $15 billion in new capital. Bloomberg reports that a significant portion of these deals is linked to three key figures in the crypto industry—Mike Novogratz (Galaxy Digital), Dan Morehead (Pantera Capital), and Joe Lubin (ConsenSys)—who studied together at Princeton University in the 1980s. These connections have remained strong and influenced major deals in the crypto reserve sector. DAT-companies use crypto assets similarly to traditional assets, often leveraging them for staking or DeFi strategies. The business model was popularized by Michael Saylor of MicroStrategy, who has been accumulating Bitcoin since 2020. Novogratz, Morehead, and Lubin each lead major crypto investment firms and have been involved in high-profile deals, including those with SharpLink and BitMine, two of the largest Ethereum-holding public companies.
Princeton Alumni Drive $15B Crypto Reserve Trend in 2025
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