The State of Play for ETH DATs

Discussed in today’s video:

•  A weaker-than-expected Services PMI sparked an initial sell-off, but high-yield credit rallied, Treasuries remained under pressure, and small caps outperformed.
•  ETH’s relative strength has diverged from small-cap performance in recent weeks, driven by growing interest in stablecoins and tokenization, along with steady demand from ETH-focused digital asset treasury (DAT) companies.
•  DATs collectively hold approximately $7 billion in ETH and currently trade at around 1.4x NAV.
•  At current premium levels, estimated incremental buy pressure from DATs stands near $2.5 billion.
•  BMNR and SBET stand out for their size, liquidity, and volatility, positioning them to raise capital more effectively than peers.

Disclosure: I invested in BMNR’s private round.

Tickers in this video: BTC