Deconstructing DAT: Building Depth Analysis Beyond mNAV

Written by: kokii.eth

Abstract

The 80/20 distribution pattern: The DAT industry exhibits a power-law distribution, with leading projects in each category occupying the vast majority of market share, making it difficult for long-tail projects to survive. Despite the presence of a bubble, DAT, based on real assets and differentiated treasury strategies, still represents significant financial innovation.

Value and Emotion Divergence: mNAV often obscures long-term value drivers. Our growth-driven decomposition model separates fundamental compound growth from market sentiment. Data shows that companies like BMNR and HSDT continue to see per-share value growth, while the decline in most DAT stock prices is primarily due to emotional contraction, not a deterioration in fundamentals.

The fragile flywheel effect: DAT relies on reflexive capital cycles - issuing stock to grow the treasury when at a premium, and defending the per-share value when at a discount. This is particularly challenging in a declining market. Companies like Bitmine manage prudently, while some enterprises' aggressive issuance leads to dilution, harming long-term sustainability.

Dual Assessment Framework: A complete assessment needs to focus on 1. Fundamental value growth independent of emotions; 2. Issuance and treasury management - whether the management responds responsibly to market conditions. The two together determine whether DAT is creating value or eroding value.

Data infrastructure gap: The industry urgently needs structured comparable data, including the establishment of disclosure standards, enhancing transparency, and optimizing operational practices. Stronger data transparency will drive industry maturity and safeguard investors' right to know.

The year 2025 welcomed DAT Summer, with DATs like Bitmine (BMNR), Sharplink (SBET), and Solana Company (HSDT) entering the mainstream, leading to rapid expansion in this field. Currently, the total market capitalization of the 30 BTC, ETH, and SOL DATs we are tracking has reached 117 billion USD. However, after the market impact, the initial hype has begun to cool down.

Despite the constant market noise, most investors still evaluate DAT solely through the narrow perspective of mNAV ( market capitalization / net asset value ratio ), failing to understand the intrinsic mechanisms of its core value, treasury strategy, or issuance discipline.

To this end, we have compiled this report referencing the DAT data dashboard built by our partner Pantera, aiming to promote discussion, clarify misunderstandings, and establish a more rigorous DAT evaluation framework.

What is a digital asset treasury (DATs)?

Digital Asset Treasuries, DATs (, are one of the most prominent financial experiments in today's public markets. They are publicly traded companies with a balance sheet primarily composed of digital assets, allowing investors to gain indirect exposure to cryptocurrencies like BTC, ETH, SOL, etc., through the stock market. This means that investors can trade in a regulated environment through traditional brokerage accounts, bypassing the complexities of on-chain platforms.

Unlike ETFs or trusts, DAT is an operating company, not a passive investment tool. They can directly hold, trade, or even stake digital assets, issue new shares, or raise funds, forming an actively managed treasury tool, with its value linked to both the underlying digital assets and the company's capital management strategy.

A typical DAT begins with a small publicly traded company or newly listed instrument )SAPC(, whose net asset value )NAV - Net Asset Value( reflects the total fair value of holdings, and market capitalization )Market Cap - MCAP( represents the pricing of the same asset exposure in the stock market—often exhibiting a premium or discount due to market sentiment, liquidity, and management confidence.

Some DATs, such as the Strategy of BTC, have a business model that centers on continuously increasing target assets through equity financing. Other DATs explore staking yields, derivatives exposure, or diversified portfolios, layering returns on top of price exposure.

For investors, DAT has become a bridge between traditional finance and on-chain assets:

For both retail and institutional investors, DAT provides regulatory clarity, broker accessibility, and compliance compatibility, allowing them to gain exposure to digital assets through familiar channels.

For the cryptocurrency ecosystem, DAT creates new channels for capital inflow, which can increase the scarcity of underlying asset circulation, support staking infrastructure, and deepen liquidity in the secondary market.

Many companies and institutions participate in the DAT issuance through PIPE ) Private Investment in Public Equity, with their investment logic based on the “positive flywheel” shown in the figure below:

However, there are many doubts about DAT in the market:

This positive flywheel can easily be seen as an eternal bull market engine, but what happens when both mNAV and the underlying digital asset prices fall?

PIPE investors set the price of DAT before the announcement (, which is usually lower than retail investors ) acquiring shares, and are often questioned as insider trading or harvesting retail investors.

Trading above NAV is considered problematic because retail investors are forced to pay a high premium; trading below NAV is also viewed as problematic because it requires selling assets to buy back shares.

This article will clarify these doubts through data analysis, clarify misunderstandings, explain the true meaning of various indicators, and share the DAT evaluation methodology.

1. Core Indicator Analysis: mNAV and Its Limitations

Since March 2025, the total market capitalization of the 30 DATs we track has risen from $88 billion (mainly attributed to Strategy/MSTR at the time) to around $117 billion, covering the three major digital assets: BTC, ETH, and SOL. However, market discussions still overly focus on the single indicator of mNAV, neglecting its true meaning and other important indicators.

Market capitalization growth trend of DAT Company (based on 30 tracked assets)

The essence of DAT is stocks traded on the open market, and the evaluation should focus on two main factors:

Company Value ( NAV/ Net Asset Value ): Reflects the true value of the company. For DAT, it refers to the total current assets held on the balance sheet - including digital assets and undeployed cash equivalents. The core value drivers of the company are not traditional operating profits, but the holding and growth of digital assets.

Market value ( MCAP/ Market capitalization ): The market's assessment of a company's value, calculated by multiplying the stock price by the total number of outstanding shares.

Net Asset Value /Net Asset Value (NAV)

NAV reflects the fundamental value of the assets held, but the specific composition varies by company. Some companies hold cash reserves, short-term government bonds, or other equities, while others hold convertible bonds or warrants, making it difficult to standardize NAV. Existing dashboards often use simplified formulas, with some extending to include debt and convertible instruments.

NAV Multiple / Multiple NAV (mNAV)

Although NAV reflects the company's underlying assets, it does not reflect the market's assessment of these assets. This requires market capitalization: the real-time assessment of the company's value by the market.

The relationship between market value and NAV provides the most关注指标 in the DAT field: mNAV ( NAV multiple )

mNAV represents how much the market is willing to pay for each dollar of net asset value:

mNAV > 1 → Indicates that the market has an optimistic attitude towards the company's prospects or believes the company has growth potential. The market values the company higher than the assets on its balance sheet, typically considering the anticipated future growth of each token.

mNAV < 1 → Reflects a skeptical attitude from the market. Investors may be concerned about equity dilution, question the discipline of the management, or believe that the company's exposure to digital assets has not effectively translated into shareholder value.

Essentially, mNAV is an emotion multiplier based on fundamentals, revealing the market's belief in the ability to accumulate digital assets of DAT.

The mNAV multiple of BTC DATs ( does not include CLSK, CORZ, NAKA, and SGNS).

As of today, in the BTC DAT category, Strategy (MSTR), GME, and MARA are all close to 1.0 after the recent market adjustment. However, most other BTC DATs have mNAVs below 1.0, with EMPD being the lowest at about 0.5.

The newly launched DATs like DJT and USBC currently have an mNAV of about 2-3, reflecting the speculative characteristics of early DATs. A few exceptions: CLSK is around 4, and CORZ is close to 7, both being AI data center companies that were formerly BTC miners (, indicating that despite the overall normalization of the market, certain narratives or structural factors are still driving premiums.

The ETH DAT market is similar to: BMNR, SBET, and GAME trading around 1x mNAV, reflecting fair value pricing; BTBT and COSM have higher multiples because these companies have profitable business lines that exceed their digital asset holdings, and the market may not regard them as pure DAT valuations.

In the Solana DAT registered under PIPE shares, only HSDT is trading at a slight premium of 1.12 times ) as of November 12, 2025 (, while the rest are slightly below 1, indicating that market trends are generally consistent with the fundamentals, reflecting a cooling compared to the earlier cycle.

Premium and Discount

The premium/discount is essentially another presentation of mNAV, measuring the market's trust or speculation regarding the company's treasury value, expressed in relative prices rather than multiples. A high premium indicates leverage, strong sentiment, or operational excess returns, while a discount typically reflects concerns about equity dilution or weak capital discipline.

In the data dashboard, extreme premium cases of about 800% for COSM, CORZ, etc. can be seen, mainly due to the market valuing existing core businesses, rather than due to DAT attributes.

per share digital asset

Evaluating the intrinsic growth of DAT requires tracking both the amount of digital assets held and the number of circulating shares. A healthy DAT aims to achieve growth in both indicators: increasing the amount of digital assets held to enhance the scale of underlying assets, and issuing new shares to raise funds to support growth. Although the issuance of new shares dilutes the equity of existing shareholders, if the growth rate of assets exceeds the rate of new share issuance, this dilution can actually yield benefits.

Key derivative indicators per share measure how much digital assets are effectively represented by each share of stock, reflecting the extent of shareholder exposure amplification. An increase in digital currency per share indicates that the funds raised from issuance are used for asset growth rather than offsetting equity dilution.

Among the 30 tracked DATs, few companies have been able to grow their per-share digital assets along a stable upward trend. Notable exceptions include Strategy )MSTR(, BMNR, HSDT, ETHM, BTCS, CEP, and UPXI.

Experience shows that many DATs, even if they perform well in the early stages, will undergo significant equity dilution due to a large issuance of new shares. In contrast, the companies mentioned above maintain steady growth without significant declines, indicating a more prudent strategy in balancing capital issuance and asset accumulation.

ETH DATs with continuous asset growth per share: BMNR, ETHM, BTCS

SOL DATs with continuous asset growth per share: HSDT, UPXI

Other market indicators

In addition to company-level metrics, several comparative indicators help measure DAT's position within the broader ecosystem:

Market share ) measured by NAV, market capitalization, or trading volume (: assesses the relative dominance of different digital assets across various DATs. Since each DAT stock represents different underlying asset values, comparing raw trading volumes can be misleading; turnover rate ) trading volume / market capitalization ( more accurately measures liquidity and activity.

Asset Supply Ratio %: The proportion of DAT held tokens to the total supply reflects its systemic impact on the underlying ecosystem.

In BTC DAT, the dominance of Strategy is significant: it holds 83.3% of the total BTC DAT holdings (accounting for 3.22% of the total BTC supply) and occupies 72% of the market capitalization within the category. The trading volume share of GME and BRR has increased noticeably, reflecting a rise in retail investor activity.

BTC DATs Trading Volume (USD) Market Share

ETH DATs market share of crypto asset holdings

ETH DAT sector, Bitmine also leads: holding over 66% of the total ETH DAT position ) approximately 2.9% of ETH supply (, accounting for 68% of market value and 85% of trading volume. The second largest player SBET holds about 16-20% of ETH holdings and market share, while BTBT ranks third ) with approximately 6% (.

The concentration of the Solana DAT market is relatively low: FORD leads with a market share of 45% and SOL holds 44%. HSDT, DFDV, STSS, and UPXI each account for about 13-14% of the holdings, but Solana Company )HSDT( leads its peers with a market share of about 22%.

SOL DATs market share of cryptocurrency holdings

SOL DATs market capitalization share

Interestingly, from the perspective of trading volume, the situation is the opposite: DFDV and UPXI lead in activity over FORD. Historical trends suggest that both are pioneers in the Solana DAT category, and this advantage seems to continue to this day. Even though FORD later achieved a higher NAV, the trading momentum and market attention maintained by the early entrants remain difficult to shake.

SOL DATs trading volume (USD) market share

2. Limitations and Misunderstandings

Although the definition is simple, tracking these basic indicators is not easy—mainly because the data from the U.S. Securities and Exchange Commission filings is neither real-time nor standardized like on-chain data.

The best source for balance sheet accounting formats is the 10-Q form, which is published quarterly. Many companies use custom-designed or branded PDF files, making extraction more difficult. Even when data is reported in the same format, it is often embedded in text files that require semantic parsing. Additionally, each company reports items in different formats, which can be justified by their equity structures and differences in financial assets.

The sources of position update data can be very fragmented—some companies do not even file through the SEC, but instead disclose changes via Twitter, press releases, or media interviews.

Nonetheless, most stock market indicators ) such as price and trading volume ( are quite standardized. However, the number of circulating shares remains difficult to track—companies are not required to report daily through filings, and many data dashboards rely on third-party APIs that obtain data from market makers or banks, which often have delays of several days.

One of the best practices comes from Bitmine, which reports its digital asset holdings through 8-K filings weekly ) and sometimes more frequently (.

When interpreting DAT data, it is important to be aware of how these data challenges distort the metrics:

Position Update

Low frequency (monthly/quarterly) leads to outdated NAV, pushing up mNAV or premium.

Some DAT holders have DeFi tokens, NFTs, other stocks, or semi-liquid assets, making asset valuation complicated.

Share update: Failure to submit large-scale issuance or repurchase declarations will affect estimated market value, mNAV, premium/discount, and per share digital assets.

We have identified some common blind spots in public reports:

Preparing for Accounting )Pro-Forma Accounting(: Most data dashboards rely solely on the reported outstanding shares, without considering the potential exercise of previously issued warrants. In DAT's PIPE transactions, warrants are usually bundled with PIPE shares, and the exercise price is typically equal to or higher than the PIPE share price. At any time after the exercise date, as long as the trading price of the shares is above that level, the warrants can be exercised — a reasonable action for the holders. Since exercised warrants increase the number of outstanding shares but do not necessarily increase the corresponding value, they have a significant dilutive effect on key metrics. Including these unexercised warrants in simulation calculations can more accurately reflect the potential dilution effects and the true risk exposure of shareholders.

Prefunded Warrants ): These warrants have received proceeds and are included in the NAV, but the corresponding shares have not yet been issued. In many cases, the exercise price of these warrants is close to zero, meaning that once exercised, it will increase the number of shares without additional proceeds—resulting in a one-sided effect on equity dilution. We believe these warrants should be included in the shares outstanding; otherwise, the resulting mNAV calculation will underestimate the market value and overestimate the NAV, leading to an imbalance.

Pending mergers and PIPEs: When a company announces a new PIPE, the cash proceeds are typically reflected in the NAV update before the shares are officially issued through the S-3 filing. If no adjustments are made to the shares, the per-share NAV denominator is underestimated, artificially inflating this metric. The chart below summarizes the main types of share issuance plans and their impact on the outstanding shares.

Debt data and derivatives exposure: Currently, there are almost no data dashboards including debt liabilities or leverage exposure information, except for Artemis. This omission distorts NAV, especially for DATs that adopt structured yield or staking strategies.

After considering the debt, the adjusted NAV ( and adjusted mNAV) should reflect the true book value. This allows for a clear comparison between pure treasury exposure DATs ( such as MSTR) and mixed operational DATs ( such as BMNR or SBET). What role does debt play in DAT management? In traditional finance, companies issue debt to finance growth while protecting shareholder ownership. The motivation is similar in the DAT field. Equity issuance means selling future earnings to new shareholders, diluting the existing shareholders' equity. In contrast, debt issuance means borrowing against existing assets without causing equity dilution ( if managed properly ). Therefore, DAT uses debt to expand on-chain asset scale without reducing the per-share digital asset value.

Due to these complexities, Pantera has built the DAT control panel - designed to present the whole picture in a clearer and more in-depth way. In addition to data cleaning and standardization, the goal is to advance the dialogue: comparing DAT with the broader stock market, not just limited to its own category; and advocating for higher on-chain transparency by tracking treasury wallets, yield generation, and other on-chain activities in future versions.

3. Choose the appropriate indicators

The mNAV alone cannot comprehensively reflect the performance of DAT. Below is the analytical framework we have summarized that is most valuable for a comprehensive assessment of DAT performance.

Growth drivers and fundamental prices

If we consider the stock price of DAT company as a product of several potential growth factors ( such as per-token growth, token price, and market sentiment ), we can break it down to examine the real driving factors behind performance rather than pure narratives.

Formally, we can represent the stock price at time t as:

This decomposition method allows us to isolate each factor and independently track the factors that truly drive price fluctuations:

When stock prices fall, we can look at whether this is due to a cooling of market sentiment, a decline in the price of the underlying asset, or a deterioration in the company's fundamentals—conversely, which of these factors is driving stock prices up.

It can also help us see through the noise - for example, when a company's intrinsic value continues to grow while its market price falls.

When we break down the price increase of Bitmine (BMNR), we find that since its launch, each share of ETH has been steadily rising, while the mNAV ( sentiment multiplier ) has significantly contracted. This indicates that its fundamentals remain strong, with only a cooling off of market speculation.

Summarizing this framework into three growth factors, we can plot the DAT company chart by category to assess its overall health:

BTC DAT: The fundamental value growth of most is relatively stable, such as MSTR, CLSK, and CEP, showing a clear upward trend. In contrast, although SMLR, FLD, DJT, LMFA, and EMPD remain stable in fundamentals, the market sentiment for these companies has sharply declined since tracking began, which is the main reason for the drop in stock prices. The only DAT that has actually seen a decline in value is SQNS.

ETH DAT: As a category pioneer, ETHZ and SBET benefited from the initial market sentiment rise, although each share of ETH remained relatively stable. Subsequently, the share values of BMNR, ETHM, BTCS, BTBT, and GAME steadily increased, although their mNAV growth showed a downward trend—possibly indicating that they launched near the top of the market cycle. FGNX was an exception, experiencing severe equity dilution and a sharp decline in market sentiment, resulting in performance significantly below expectations.

SOL DAT: HSDT's per share SOL has seen the most significant growth, increasing threefold from October to the time of the report's release; UPXI has also steadily grown, but on a smaller scale. DFDV has benefited from rising market sentiment, but its per share SOL has decreased during the same period, indicating that the increase is driven more by market sentiment than by fundamentals. Meanwhile, both FORD and STSS have significantly expanded mNAV, but the growth in fundamental value has remained basically flat, indicating that performance is driven by market sentiment rather than by balance sheet drivers.

Fundamental price

As shown in the figure above, most DAT companies have experienced a market cooling or contraction phase since their launch. To understand their potential development trajectory, we can further reconstruct the theoretical fundamental price of each company—essentially answering the question: “If market conditions were the same as on the day of DAT's launch, what would today's stock price be?”

In other words, if you had held one share of stock since the company's inception and allowed the company to gradually accumulate inventory and issue shares over time, what is the current actual value of that share?

The chart below shows that the fundamental values of several DAT companies—HSDT, BMNR, BTBT, BTCS, CORZ, and CEP—have steadily increased, but their stock prices have not fully reflected this due to changes in the market environment. Since their establishment, the fundamental indicators of these companies have significantly grown, even as overall market sentiment has shrunk.

Share issuance and dilution

The success or failure of DAT Company depends on its equity issuance discipline. A key dimension in evaluating DAT Company is how the management responds to market conditions, whether they take strategic actions when market sentiment changes or react passively.

When mNAV > 1: The company has the opportunity to issue shares at a premium. The key issue is the discipline of issuance; overly aggressive issuance will erode the per-share digital assets, lower the per-share NAV, and ultimately destroy market sentiment. Disciplined issuers responsibly expand their issuance scale, while reckless issuers play the so-called “infinite ATM game.”

When mNAV < 1: Greater challenges. A valuation multiple below 1 indicates a lack of confidence in the company's capital discipline, liquidity, or funding management strategies. The market may be pricing in expectations of future equity dilution, concerned that management will continue to issue shares during periods of low market sentiment. This may also indicate inefficiencies in capital utilization, with the company failing to convert its digital asset exposure into shareholder value.

If mNAV continues to be below 1, it will break the DAT flywheel effect. The company can no longer issue new shares at a premium without diluting the existing shareholders' equity. If forced to issue, the price of each digital asset will further decline, damaging trust and losing the ability to grow equity. Over time, this dynamic may cause the company to become a “zombie DAT”: a static holding company with a trading price below its liquidation value.

When mNAV falls below 1, the correct approach is to take defensive measures and restore credibility: stop all equity issuances ( including ATM and PIPE), and make protecting the digital asset per share a core metric. The company must also enhance transparency and financial reporting—release wallet proof, dashboards, and regularly updated NAV to demonstrate that it is a clean, verifiable financial package, rather than an opaque shell. If liquidity allows, repurchasing shares at a price below NAV can increase earnings and send a strong signal of confidence, which can typically restore premium levels. Management can also leverage on-chain earnings—staking ETH, participating in re-staking, or earning returns from financial assets—to naturally enhance NAV growth and convert passive asset holdings into income sources. Finally, the company must strengthen its narrative, positioning itself as a clear and reliable representative of specific assets or ecosystems, as investor trust often returns when the investment thesis is clear.

For DAT with mNAV <1, the correct strategy is to protect per-share value, enhance transparency, and rebuild trust. By studying issuance data, stock buybacks, and capital management behavior, we can understand which companies choose value-adding paths and which companies continue to dilute equity.

Data shows that the best-managed DATs have historically been able to protect shareholder leverage during economic downturns, laying the groundwork for a rebound when market sentiment recovers.

From the above figure, it can be seen that there are significant differences in ETH DATs regarding equity issuance and market sentiment management. Most companies show a gradual increase in the number of circulating shares—indicating a possible PIPE or ATM issuance.

BMNR data shows that compared to its peers, the company's stock issuance and mNAV change patterns are more gradual. This sets an example for how the company can responsibly scale - using equity as a growth tool without disrupting the mNAV growth flywheel.

The circulating share quantities of BTBT, GAME, and BTCS have experienced a sharp and sudden increase, while mNAV remains stable or declines. However, their issuance timing is still reasonable, as the issuance occurred when the mNAV trading price was above 1, within a premium window.

In contrast, FGNX and ETHZ conducted large-scale issuances when mNAV < 1, essentially issuing shares during a market downturn rather than waiting for favorable market conditions, which is a typical characteristic of lax capital discipline. For FGNX, early and aggressive dilution when mNAV was close to zero caused a destructive dilution event, erasing investor leverage and long-term confidence. However, ETHZ briefly showed signs of corrective measures by reducing the number of shares in mid-October, helping its mNAV recover from below 0.2 and partially restoring balance.

4. Open issues for further research

Pantera's dashboard data has also opened up new avenues for research:

Unlocking Events: How Much Contribution to Price Decline?

PIPE Investor Return on Investment: In the DAT space, which trades achieve positive returns? How do the results change when adjusted for the performance of the underlying tokens (e.g., relative to spot ETF returns)?

Market Microstructure: How PIPE Pricing Messages Affect Trading Behavior?

mNAV Dynamic Modeling: Is there a quantifiable relationship between issuance/repurchase and mNAV recovery?

More work still needs to be done on DAT data, and there is a call for more comprehensive data standards. Stock data is much more chaotic than on-chain data: inconsistent formats, low update frequency, and no unified model. To make DAT develop into a legitimate asset class, we need open and standardized APIs for companies to report financial updates daily, covering:

Issued shares (including prepaid and PIPE shares)

Asset classification of the treasury holdings

Warrants and debt data

Just as on-chain data transparency drives DeFi analysis, this layer of financial data transparency can change the way capital flows into DAT.

5. Conclusion

DAT is neither an angel nor a devil; neither a savior nor the culprit.

They are a new form of capital formation—a dual-operation innovative investment tool: assisting in the appreciation of digital assets while providing financial institutions with leveraged exposure that comes with on-chain yields. They are not perpetual motion machines, as the flywheel may break under market shocks, but rather require disciplined strategies and execution from asset management companies. In optimal conditions, DAT can release meaningful value for both sides of the ecosystem:

For traditional investors, they provide regulated, highly liquid digital asset exposure that often offers additional on-chain yields that ETFs or trusts cannot provide.

For the crypto ecosystem, they direct traditional market funds straight into token vaults — anchoring asset value and enhancing liquidity within a compliant framework.

If managed properly, they can amplify the positive feedback loop between the capital markets and the fundamentals of digital assets: an increase in mNAV leads to new issuances, new funds flowing into the purchase of digital assets, and then the cycle continues to develop upwards.

In this sense, DAT serves as the “second cornerstone” of digital assets: institutionalizing capital inflow while providing investors with new, yield-enhancing investment opportunities.

Indeed, criticism is real and often instructive:

Some DATs are merely speculative shells, lacking real operational strategies, and serve as short-term tools for PIPE investors to exit to retail investors, essentially no different from Memecoins.

The market does not need dozens of DATs tracking the same assets. If the fund management strategies or governance methods lack differentiation, the proliferation of DATs will only increase market noise and undermine trust in the model. Similarly, there is no need to establish DATs for hundreds of digital assets that lack long-term value, especially those operated by teams with low credibility, a lack of community recognition, or limited technological innovation. This expansion could cause DATs to become a speculative craze rather than a reliable financial tool;

Death Spiral (mNAV < 1) is still the most challenging obstacle. The essence of DAT is to amplify exposure to an already highly volatile asset class, and once market sentiment shifts, the discount could widen rapidly. However, mNAV < 1 usually indicates misalignment rather than a collapse. Investors may reflect weak capital discipline, concerns about equity dilution, or inefficient fund management, rather than a failure of the underlying digital assets themselves. Excellent operators can turn the situation around through transparent communication and strict equity management.

Ultimately, holding DAT requires dual belief from market participants:

Bullish on underlying assets in the long term — believing that their prices will rise over time and seeking leveraged exposure through active equity vehicles.

Trust in operators' execution capabilities and capital discipline - as Fundstrat's Tom Lee pointed out, mNAV < 1 is illogical, and a competent management team will ultimately bring the stock price back to parity.

If both are true, then a lower mNAV is not an alert, but rather a temporary phenomenon of market sentiment mispricing the actual balance sheet value.

The core of DAT lies in representing a new type of investment tool - it helps digital assets accumulate lasting value while providing financial institutions with a regulated path to enhance returns and participate in the future development of the digital asset era.