DATs once again confirm market consensus.
Nasdaq's review and rectification of DATs is a positive development for the industry. They shouldn't be "implanting" ethereal tokens into the shells of publicly listed companies, cashing out and exploiting American investors. Otherwise, there will be endless trouble.
A few weeks ago, I met with the owner of a major exchange to discuss the DAT craze. He predicted it would only last a month or two, and his prediction proved correct. Rectification efforts are underway.
In previous tweets, I've repeatedly mentioned that the underlying logic of DATs is "asset consensus." Currently, only Bitcoin, Ethereum, and Solana have achieved market recognition for their technology and track record of community consensus. The mNAV of the $MSTR strategy has fallen to 1.3x, $SBET to 0.82x, and $BMNR to 0.88x. Notably, only six DATs have an mNAV above 1, while the rest continue to trade at negative premiums. According to PA News, the reservoir effect previously associated with crypto asset appreciation is weakening further.
Going forward, the leading DAT asset's outperformance will become more pronounced and may even see a premium. Other non-mainstream and non-leading assets will experience negative premiums.
$MSTR $BMNR $SBET .@BitMNR .@fundstrat .@TomLeeTracker .@saylor