Let's discuss the current challenges facing DATs (Digital Asset Treasuries) and their future evolution: First, the challenges: $MSTR was the first to take the plunge, before ETF spot trading became available. MicroStrategy's positive growth enabled it to sustain mNAV increases of 2-3 times or even higher. However, DATs that followed suit, including ETH and SOL, face a completely different environment. Even if mNAV continues to be discounted below 1, many retail investors in the US stock market may not buy in. Because retail investors now have more liquid ETF spot options and aren't trapped by the debt flywheels built by institutions, and because institutions hoarding BTC and ETH haven't yet opened the door to yield-generating opportunities, investing in DATs carries significant risk. The solution is clear: DATs must integrate various interest-generating mechanisms to transform their treasuries from stagnant to viable assets. Relying solely on MSTR's debt leverage strategy may be difficult to implement. It's not @fundstrat's fault for not working hard, but simply because the broader environment has changed dramatically. As for smaller DATs with no yield and no premium, they will either retreat after unsuccessfully following the hype or face a liquidation due to the unknown new Nasdaq regulations. It's a harsh reality. This will be a significant boon for financial products integrating tradfi with crypto infra, as these DAT players must use their accumulated coins to generate interest. Products like @ethena_labs and @FalconStable that can facilitate this kind of matching are sure to become the new favorites of Wall Street institutions. This is why I'm very bullish about some financial product innovations targeting Wall Street: x.com/tmel0211/status/19656413...…