The post Crypto Treasuries Are Fading-And Staking ETFs Will ‘Eat Their Lunch’: SOL Strategies CEO appeared com. Canadian-based SOL Strategies is a publicly traded Solana-centric company that has stockpiled the network’s native token-but it doesn’t want to be confused with the growing list of digital asset treasuries (or DATs) that have merely focused on accumulating SOL, the network’s native token. “Our thesis is that there’s no sustainable market for digital asset treasuries,” SOL Strategies Interim CEO Michael Hubbard told Decrypt. “That’s not an interesting business model.” “They’re a proxy financial engineering play that largely was driven by short-term hype. I almost want to say greed, but that seems a bit strong,” he added. “I think we’ll see one or two long-term sustainable or successful DATs that kind of control the narrative, that drive the theme, but staking ETFs are going to eat their lunch.” Hubbard said that while the original DAT thesis of providing exposure to previously uninvestible assets-either based on geography or other restrictions-was a great thesis, it has lost its luster. “Now we have ETFs that provide the same level of exposure, but ETFs are far more regulated and have a very known framework and protections around that,” he added. ETFs also come from known issuers with controlled and defined expenses, he added, while DATs can have complex balance sheets, warrant overhangs, debt converts, and shares in private placements that haven’t yet been registered for resale. “The value gap that DATs are filling is narrowing very rapidly,” said Hubbard. Staking ETFs add a further benefit for investors by letting them get a share of network staking rewards for proof-of-stake assets like Solana and Ethereum. The recently launched Bitwise Solana Staking ETF has seen zero days of outflows since launching in late October, suggesting solid demand for both Solana and staking-enhanced funds. SOL Strategies was arguably the first Solana treasury firm, rebranding from Cypherpunk Holdings.