«Принстонская мафия» запускает цифровые казначейства: $15,4 млрд в криптоинвестициях и новые тенденции на рынке Translation: Princeton Mafia Launches Digital Treasuries: $15.4 Billion in Crypto Investments and New Trends in the Market

A group of influential veterans from the crypto industry, including Mike Novogratz from Galaxy Digital, Dan Morehead from Pantera Capital, and Ethereum co-founder Joseph Lubin, is setting 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, around 85 such firms have raised a record $15.4 billion. Many transactions involve the same key players.

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

Crypto veterans’ companies often work in tandem. In May, Lubin was involved in launching the Ethereum treasury for SharpLink Gaming, where Pantera and Galaxy acted as investors. The firms also invested in BitMine Immersion, which holds Ethereum on its balance sheet.

However, these players not only collaborate but also compete. In September, Pantera supported the DAT project Helius based on Solana. Just days before, Galaxy helped launch a competing firm, Forward Industries. According to Morehead and Novogratz, this was coincidental and not coordinated.

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

The trend towards DAT has intensified after the SEC indicated it would not consider most tokens as securities. This has paved the way for the strategy popularized by Michael Saylor: raise capital, buy cryptocurrency, and repeat.

Despite the successes, this market carries significant risks. In June, SharpLink’s shares plummeted by 72% in a single day following a stock sale announcement. BitMine’s shares dropped by 40% after a similar move.

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

Morehead believes that 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.»

It’s worth noting that in August, the trend of creating digital treasuries sparked debates among market participants.