In a foundational move for institutional finance, TD Cowen, a division of TD Securities, has officially formalized a new investable equity category: Digital Asset Treasuries (DATs). This strategic shift, detailed in a report to investors, moves the conversation beyond simple price speculation and establishes a rigorous framework for valuing Public Bitcoin Treasury Companies (PBTCs), operating companies that actively manage Bitcoin as productive treasury capital.

For C-suites and institutional allocators, this represents more than just a bullish research note; it is the installation of the professional plumbing required to drive Bitcoin adoption across wealth management, investment…

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