Digital asset treasury companies (DATs) Loading... : Investor Sentiment and Bull/Bear Views
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14:00
Jan 25
Jan 25
DAT discounts likely persist on index uncertainty
The MSCI-related forced-selling overhang has receded, but Duong thinks DAT MNAV discounts can persist. MSCI has only postponed its decision and is limiting index implementation changes during review, so future DAT equity issuance may face weaker passive absorption. As a result, investors can reasonably refuse to pay a premium, and dilution remains punitive.
HIGH
19:45
Jan 08
Jan 08
DATs below mNAV; artificial demand fading.
Digital asset treasury companies became asinine and ridiculous, are now trading below mNAV, and the artificial buy pressure they created on crypto assets is slowing, making the DAT trade unattractive.
MED
19:17
Nov 05
Nov 05
DATs lose funding; avoid treasury companies.
Jonah is cautious on DATs because many trade below NAV and cannot raise more cash; they were a big driver of Bitcoin/alt buying, so their inability to raise forces the market to find a new marginal buyer and represents a wealth transfer from steady holders to fair-weather DAT investors.
HIGH
04:03
Oct 14
Oct 14
Avoid most DATs; supply overwhelms demand.
There are roughly 200 DATs and not enough demand to absorb them. Many lack differentiation, trade below MNAV, and will not deliver venture-like returns; they are better viewed as ETF-plus vehicles unless they consolidate or find a new strategy.
HIGH
04:03
Oct 14
Oct 14
DAT consolidation creates M&A opportunities.
When DATs trade below 1x MNAV, stock-for-stock mergers become accretive because the acquirer buys the underlying crypto at a discount. Cross-asset M&A could rotate tokens, and mercenary sponsors may hand off vehicles to winners.
MED
20:42
Oct 08
Oct 08
DAT meta dying, most should be avoided
He has talked to funds deploying into digital asset treasury vehicles and most are near break-even after months, while the fee/rake structure is excessive; he thinks most DATs do not make fundamental sense and the meta is dying, creating potential sell pressure and a bearish catalyst.
MED
20:54
Sep 22
Sep 22
Buy quality DATs at discounts.
Jonah's framework for DATs is to buy the ones that will not miss coupon payments or be forced to sell crypto at a discount; assess teams and financials, then buy at a discount and wait for a ride back to par.
MED
About Digital asset treasury companies (DATs) Investor Commentary
Across the available history and selected sources, Buzzberg tracks Digital asset treasury companies (DATs) across 3 sources: 1 bullish vs 0 bearish calls from 6 authors. Historical directional balance: 14% = 100 × (bullish − bearish) / all deduplicated idea records, including other directions. This is neither a probability of a price rise nor the share of bullish authors. 7 total trade ideas tracked. Latest voices: David Duong, Joshua Frank, Jonah Van Bourg.