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How corporate bitcoin balance sheets may translate into fixed-income exposure

Most investors first meet bitcoin through its price chart. The Digital Asset Debt Strategy ETF (DADS) approaches it from a different seat: as a lender. Pillar Two of the portfolio, the corporate treasury holders, is where that distinction matters most, because these companies have tied their balance sheets to bitcoin while issuing debt and preferred securities that pay contractual income.

The disruption that didn’t happen

For years, the most confident prediction in crypto was also the simplest: blockchains would make the card networks obsolete. Money would move directly from one wallet to another, settle in seconds, and never touch a Visa or Mastercard rail again.

Digital assets are often analyzed through the lens of price. Credit markets require a different lens: cash flow.

For an investor lending capital to a company, the central question is not whether Bitcoin rises, transaction volumes accelerate or artificial intelligence drives another wave of infrastructure investment. Those factors matter, but they are one step removed from the questions that ultimately determine creditworthiness: What generates the cash? How durable is it? What could disrupt it? And what resources are available if conditions deteriorate?

How Bitcoin Miners Are Becoming AI Infrastructure Companies

Bitcoin miners used to have one job: secure blockchains. Today, some are discovering a second business that may prove even more valuable: providing the power and infrastructure needed to support artificial intelligence.

The shift makes sense. Bitcoin mining facilities already possess many of the assets AI developers need most: large power allocations, high-capacity electrical infrastructure, industrial-scale cooling systems, and campuses capable of supporting thousands of GPUs.

How Bitcoin Miners Are Becoming AI Infrastructure Companies

Bitcoin miners used to have one job: secure blockchains. Today, some are discovering a second business that may prove even more valuable: providing the power and infrastructure needed to support artificial intelligence.

The shift makes sense. Bitcoin mining facilities already possess many of the assets AI developers need most: large power allocations, high-capacity electrical infrastructure, industrial-scale cooling systems, and campuses capable of supporting thousands of GPUs.

How Convertible Bonds Are Financing the Next Generation of Digital Infrastructure 

Convertible bonds have become one of the preferred financing tools across the digital asset industry. Here’s why companies issue them, why investors buy them, and how they help finance the next generation of digital infrastructure.

The numbers are hard to ignore. In 2025, digital asset ETFs and ETPs globally pulled in a record $50.77 billion in net inflows, bringing total year-end assets under management to $172.50 billion.¹ In the U.S. alone, the crypto ETF category saw 44 new fund launches in 2025, pulling in $5.4 billion in first-year flows, with the category holding 88 funds and $146 billion in total assets by year-end.²

The Value of Discipline in the Next Phase of Digital Asset Investing

The qualities we often associate with great fathers like patience, consistency, responsibility, and perspective, also happen to be qualities that have long mattered in investing. Markets evolve and technologies change all while headlines come and go. Yet some principles tend to endure through every cycle: thoughtful risk management, long-term discipline, and a focus on building something designed to last.

Most investors have already settled the debate about if digital assets are worth investing in. The natural next question, and one that we regularly discuss, is how do you invest in them responsibly?

Most investors think about digital asset exposure in binary terms: you either own crypto or you don’t. But the digital asset economy has built an entire ecosystem of companies such as miners, treasury holders, and financial infrastructure builders whose fortunes are deeply tied to the space.