These days, countless projects are raising funds under the name DAT. This is how I view DAT. For a coin's price to rise, someone needs to buy it at a higher price than you, and internal funds in the cryptocurrency market alone have limitations. Conversely, there's a huge amount of institutional capital that wants exposure to the cryptocurrency market but lacks the means to do so. I believe this is evidenced by Circle's performance following its IPO and the fact that DAT companies have mNAVs > 1 (of course, mNAVs > 1 won't last forever). For cryptocurrencies to grow, they need to expand their market share, and I believe DAT is an important experiment that can solve this problem. When news of DAT breaks, I believe the following criteria can be used to determine whether this structure is beneficial for the coin's price in the medium to long term: 1. Will my DAT stock actually sell on the Nasdaq? - Unless a DAT has a clear narrative as a stablecoin, like Ethena DAT, I believe it will be ignored by the Nasdaq. The moment the market turns a blind eye, additional funding will become impossible, and Grayscale GBTC's -50% discount will be replicated. Arbitrage will only occur if there is pressure from activist funds and SEC regulations, and I believe it will take a very long time for the discount rate to normalize, or in extreme cases, it could remain discounted forever. 2. How is the cash secured through DAT used? - MSTR uses the cash to purchase Bitcoin, BMNR uses it to purchase Ethereum, and stablecoinX uses it to purchase ENA. This may seem obvious, but many DATs don't purchase coins on the market. WLFI's DAT ALTS is a prime example. The cash invested in WLFI DAT went entirely into the foundation's pockets and wasn't used for any exchange-traded purchases. In this case, it's no different from the foundation selling the coins over-the-counter (OTC). One of the core principles of DAT is its flywheel structure, where the price of the coin rises due to on-exchange purchases, and the resulting increase in the stock price. However, there are many cases where the name DAT is missing this flywheel. Even in Korea, following the Circle IPO, a "stablecoin-themed stock" craze has been sweeping the nation. I believe Ethena is the perfect project to capture this narrative, and I anticipate that StablecoinX could become one of the hottest stocks in the market. In the same vein, I find the DAT story quite interesting.