Author: Haotian; Source: @tmel0211
Discuss the current dilemmas facing DATs (Digital Assets Treasuries) and the trends of future evolution:
Let's talk about the predicament: Originally, $MSTR was the first to take the plunge. At that time, the ETF spot channel had not yet opened, and MicroStrategy's positive flywheel allowed it to support 2-3 times or even higher mNAV.
However, the environment faced by the followers, including ETH and SOL's DATs, is completely different. Even if the mNAV continues to be sold at a discount below 1, many retail investors in the US stock market may not necessarily buy in.
Because retail investors have better options for circulating ETF spot choices, they are not trapped by the debt wheel constructed by institutions. At the same time, the institutions hoarding BTC and ETH have not opened the door to yield generation, therefore the risk of investing in DATs is not small.
The path forward is very clear: DATs must integrate various income-generating mechanisms to transform the Treasury from stagnant funds into active money. Relying solely on MSTR's debt leverage approach may be very difficult to achieve. It's not that Tom Lee and others are not trying hard; it's truly because the macro environment has changed too much.
As for those small-cap DATs with neither yield nor premium, they will either retreat after futile speculative hype or face a brutal purge due to unknown new regulations from Nasdaq.
This will be a huge benefit for financial products that merge TradFi with Crypto infrastructure, as these DAT players must put their stashed coins to work to earn interest, and products like Ethena Labs and Falcon Finance, which can effectively facilitate such transactions, will surely become the new favorites of Wall Street institutions.
This is why I am very Bullish on some Wall Street-oriented financial product innovations.
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