the genius of the DATs was that they hacked the boomer<>RIA wealth mgmt pipeline to get boomer assets into crypto. Boomers are too lazy to download unfamiliar apps and do things themselves however, that demand was basically fixed, and it's tapped out now, all major mNAVs ex-MSTR are underwater - they can't issue new shares to buy more crypto (ETH) without diluting themselves this creates a prisoners' dilemma. Some treasury co's will issue more shares below 1 anyway, since it's "free cash" The large ones will probably hold off But the sector's mNAV will keep going lower, and market participants will start punishing the mNAVs of even the "better" DATs at some point, i'm guessing around .8, one of them will start selling ETH to buy back shares that company's mNAV will surge back above 1. but ETH's price will start to crater as the market assumes more companies will follow that reward function the first company to violate the prisoner's dilemma (sell ETH to buy back shares) is guaranteed to "take mNAV share" from its competitors as ETH's price drops, but it'll be the start of a vicious unwind of all the ETH DAT buying this is much less of an issue for BTC, as MSTR's mNAV is far above 1, and BTC mNAV flows haven't been nearly as large as a % of total recent buy flows, relative to ETH