Криптоинвестиции: Принстонская мафия стянула $15,4 млрд на волне цифровых казначейств Translation: Crypto Investments: Princeton Mafia Rakes in $15.4 Billion on the Wave of Digital Treasuries

A group of influential veterans from the cryptocurrency sector, including Mike Novogratz of Galaxy Digital, Dan Morehead of Pantera Capital, and Ethereum co-founder Joseph Lubin, is paving the way for a new trend—the digital treasury boom (DAT). This is reported by Bloomberg.

The DAT strategy is straightforward: public companies raise capital from investors to purchase and accumulate cryptocurrencies. Since the beginning of the year, about 85 such firms have raised a record $15.4 billion. Many of the transactions involve the same individuals.

Novogratz, Morehead, and Lubin have been acquainted since their time at Princeton University in the 1980s. Their close connections have led to the informal term «Princeton mafia,» as coined by the magazine Fortune.

Crypto veterans often collaborate closely. In May, Lubin took part in the launch of the Ethereum treasury for SharpLink Gaming, where Pantera and Galaxy were investors. The firms also invested in BitMine Immersion, which holds Ethereum on its balance sheet.

However, the players not only collaborate but also compete. In September, Pantera supported the DAT project Helius, built on Solana. Just days prior, Galaxy had helped launch a competing firm, Forward Industries. According to Morehead and Novogratz, this occurred by chance and was not coordinated.

«With a good story and good storytellers, you can attract more capital to Solana or Ethereum, and do it faster than ever,» stated Novogratz.

The trend for DAT has gained momentum after the SEC indicated that it will not classify most tokens as securities. This has paved the way for the strategy popularized by Michael Saylor: raising capital, purchasing cryptocurrency, and repeating the cycle.

Despite the successes, this market carries significant risks. In June, shares of SharpLink plummeted 72% in one day following a stock sale announcement. BitMine shares fell 40% after a similar move.

«SharpLink is here for the long haul. Our strategy is to continue raising capital on favorable terms, purchasing, and holding Ethereum,» commented Lubin on the situation.

Morehead believes DAT companies are opening up the blockchain market to a new type of investor. Novogratz added that not all such projects will succeed, but they represent «pure positivity for the crypto industry.»

As a reminder, in August, the trend of creating digital treasuries sparked debates among market participants.