TLDR: I think the Ethena DAT is going to be a total dog. They have at least two accounting treatments I don’t think will survive the first audited financials, don’t appear to have secured a listing on an exchange yet, are underwater on their ENA.
PaperImperium
@ImperiumPaper
On December 29th, an S-4 amendment for the Ethena DAT was filed. It’s a bit of a depressing read, since it serves as a reminder that this thing will de-SPAC with unrealized losses on all of its ENA (much of which vests over several years), despite being given 30% discount at the
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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