温馨提示：本站仅提供公开网络链接索引服务，不存储、不篡改任何第三方内容，所有内容版权归原作者所有
AI智能索引来源：http://www.bee.com/61384.html
点击访问原文链接

DAT (Digital Acid) leaders are all offering discounts; which one presents a genuine opportunity to buy at the bottom? | Bee Network

进入原网站 导航首页
DAT (Digital Acid) leaders are all offering discounts; which one presents a genuine opportunity to buy at the bottom? | Bee Network Login Trending News Meme Launchpad AI Agents DeSci TopChainExplorer For Newbee 100x Coins Bee Game Essential Websites Must-Have APP Crypto Celebrities DePIN Rookies Essential Trap Detector Basic Tools Advanced Websites Exchanges NFT Tools Hi, Sign out Web3 Universe Games DApp Bee Hive Growing Platform AD Search English Recharge Coins Login Download Web3 Uni Games DApp Bee Hive AD home•Analysis•DAT (Digital Acid) leaders are all offering discounts; which one presents a genuine opportunity to buy at the bottom? DAT (Digital Acid) leaders are all offering discounts; which one presents a genuine opportunity to buy at the bottom?Analysis3mos agoUpdateWyatt 15,896 2 Compiled by Odaily Planet Daily ( @OdailyChina ); Translated by Azuma ( @azuma_eth )

Editor’s Note: As the overall market declines, the market capitalization of digital asset treasury companies (DATs) has also suffered a collective blow. The mNAV (measuring the ratio of DAT trading value to cryptocurrency holding value) of leading ETH DAT companies such as BitMine and SharpLink has already fallen below 1, and the premium of BTC DAT leader Strategy has also narrowed to 1.14 due to recent index delisting pressure.

Amid the panic, discussions surrounding whether the DAT model has been disproven and how it should be valued have intensified. In the early hours of November 24th, Bitwise’s Chief Investment Officer, Matt Hougan, offered his perspective on this issue on X.

The following is the original text by Matt Hougan, translated by Odaily.

Recently, I’ve seen a lot of poor analysis of Digital Asset Treasury (DAT) companies. Specifically, many people misunderstand whether they should trade at a price higher, lower, or equal to the value of their held assets (the so-called “mNAV”).

When evaluating the value of a DAT, you should first ask yourself: If this company had a fixed lifespan, how much would it be worth?

The value of this approach becomes clear when viewed from a very short-term perspective. For example, suppose a Bitcoin DAT announces that it will close this afternoon and distribute its Bitcoin holdings to investors; its trading price will then be exactly equal to its Bitcoin value (mNAV = 1.0).

Now let’s extend this timeframe. What if it announces it will shut down in a year? Now you have to consider all the possible reasons why the DAT might trade above or below its Bitcoin value. Let’s analyze them one by one.

The three main reasons for the discount of DAT are: insufficient liquidity, operating expenses, and potential risks.

Insufficient liquidity : You certainly wouldn’t want to buy Bitcoin at the current price that you won’t receive for a year, but you might be willing to accept a discount, such as a 5% or 10% discount—personally, I would accept a 10% discount—which would correspondingly reduce the value of DAT. Operating Expenses : Every dollar spent on operating expenses or executive compensation comes from your pocket. Let’s say this DAT, which will be liquidated in 12 months, holds $100 worth of Bitcoin per share, but needs to pay executives the equivalent of $10 per share annually. You would certainly demand a 10% discount relative to net asset value. Potential risks : There is always a risk that the company may make mistakes. This also needs to be factored into the price. Now let’s look at why DAT might be trading at a premium. In the US, there’s only one reason—it can continuously increase the amount of cryptocurrency held per share. In my observation, DAT achieves this primarily through four methods.

One method is issuing bonds : If you issue bonds in US dollars and use them to buy cryptocurrencies, you can pay off the debt when the cryptocurrency appreciates against the dollar, while simultaneously increasing the amount of crypto assets you hold per share. This is roughly how Strategy increases its BTC holdings per share. Of course, the opposite could happen if the price of Bitcoin falls. Secondly, lending cryptocurrency : This means earning interest income by lending cryptocurrency, thereby increasing the number of cryptocurrencies held per share. Thirdly, one can use derivatives : holding cryptocurrency while simultaneously engaging in activities such as selling call options can generate profits and acquire more assets. Of course, this will sacrifice some potential for price appreciation. Fourthly, it may acquire cryptocurrencies at a discount : DAT may acquire cryptocurrencies at a discount through various means: Purchase locked-up assets from foundations that want to sell specific assets but do not want to disrupt the market; Acquire DAT from other discounted transactions; Repurchase shares when its own stock is traded at a discount; Acquire businesses that generate cash flow and use that cash flow to purchase cryptocurrencies. One of the major challenges facing DATs is that the reasons why they should trade at a discount are clear, while the reasons why they might trade at a premium are uncertain.

Therefore, the threshold for DAT is very high, and most companies will trade at a discount, with only a very few outstanding companies trading at a premium.

Returning to the previous example, if you have a Bitcoin DAT that will be liquidated in 12 months, you can now:

Calculate its operating expenses; Add risk discount; These discounts are offset by the expectation that the company will increase its ability to hold Bitcoin per share. What we have now determined is its fair value. You might say, “But DATs don’t have a fixed lifespan; they exist forever!”

This certainly complicates the analysis, but essentially means all factors will be amplified. Expenses and risks compound over time and require close monitoring; similarly, DAT, which can consistently increase the number of cryptocurrencies per share, could be extremely valuable.

In reviewing DAT’s methods for increasing the amount of cryptocurrency per share, I noticed that scale advantage is crucial in all aspects.

Larger DATs find it easier to issue bonds than smaller DATs. They have more cryptocurrency available for lending; access to more liquid options markets; and an advantage in mergers and acquisitions and other discounted transactions.

Over the past six months, DAT has consistently moved in tandem with other stocks. Looking ahead, I believe the divergence will intensify— a few companies will perform exceptionally well and command premiums, while the majority will underperform and continue to trade at a discount.

Further Reading Is DAT at an inflection point? These 12 financial companies, representing mNav, have already fallen below 1.

Could it be removed from the index? Strategy is mired in a “quadruple strangulation” crisis.

This article is sourced from the internet: DAT (Digital Acid) leaders are all offering discounts; which one presents a genuine opportunity to buy at the bottom?Recommended Articles

Related: Can you earn money if you hit it? A review of the three most popular new projects recently Author | Asher ( @Asher_0210 ) The Web 3 new release season is here again. Recently, Echo’s Sonar platform, thanks to its exceptional returns from the Plasma IPO, has garnered widespread attention. Simultaneously, numerous IPO platforms have launched new projects, further fueling the popularity of the IPO sector. News: Participate in Plasma IPO and deposit $1 to win over $10,000 worth of XPL tokens Below, Odaily Planet Daily will sort out the three new projects that are still available for participation and are the most discussed: Limitless, Momentum, and YieldBasis. Limitless IPO on Kaito platform Limitless Project Introduction Limitless is currently the largest prediction market platform in the Base ecosystem, with nearly $400 million in cryptocurrency and stock price predictions. Its founders previously developed a viral consumer AI product, backed…

# Analysis# bitcoin# crypto# Market© Copyright NoticeThe copyright of the article belongs to the author, please do not reprint without permission. Pre Trump's clash with JPMorgan Chase has dragged Bitcoin and MSTR into the fray. Next BTC is poised for further decline! Six major macroeconomic obstacles loom large. Related articles Strategy Analysis: How to achieve a super high win rate in Polymarket through insider trading? 6086cf14eb90bc67ca4fc62b 21,945 Weekly Funding Update | 7 Projects Received Funding, Total Funding Reaching $81.4 Million (September 29-October 5)Recomm 6086cf14eb90bc67ca4fc62b 30,421 Insight into Bitcoins national holding game: Who is hoarding coins? Who is clearing out their holdings? 6086cf14eb90bc67ca4fc62b 27,934 2 Hyperliquid airdrop project ratings: Which ones are worth buying?Recommended Articles 6086cf14eb90bc67ca4fc62b 21,383 1 Wintermute Unveils the Flow of OTC Funds in a 28-Page Report 6086cf14eb90bc67ca4fc62b 9,391 Will IBIT Really Trigger a Full Market Liquidation? 6086cf14eb90bc67ca4fc62b 7,536 1 No comments You must be logged in to leave a comment! Login immediately No comments... Latest Articles Did Jane Street “Manipulate” BTC? Decoding the AP System, Understanding the Power Struggle Behind ETF Creation and Redemption Pricing 3hrs ago 181 Stop Comparing Bitcoin to Gold—It’s Now a High-Volatility Software Stock 3hrs ago 233 Matrixport Research: $25 Billion Gamma Unwinding Imminent, Liquidity Yet to Return Behind the Rebound 3hrs ago 213 ERC-5564: Ethereum’s Stealth Era Has Arrived, Receiving Addresses No Longer ‘Exposed’ 3hrs ago 231 Hong Kong Regulatory Green Light: Asseto Enables DL Holdings to Achieve Compliance for Two RWA Business Implementations 3hrs ago 220 Popular WebsitesTempoLighterGAIBGliderPlanckRaylsBCPokerVooi Bee.com The world's largest Web3 portal Partners CoinCarp Binance CoinMarketCap CoinGecko Coinlive Armors Download Bee Network APP and start the web3 journey White Paper Roles FAQ © 2021—2026. All Rights Reserved. Privacy Policy | Terms of Services Download Bee Network APP and start the web3 journey The world's largest Web3 portal Partners CoinCarp Binance CoinMarketCap CoinGecko Coinlive Armors White Paper Roles FAQ © 2021—2026. All Rights Reserved. Privacy Policy | Terms of Services Search SearchInSiteOnChainSocialNews Hot to you: Airdrop Hunters Data Analysis Crypto Celebrities Trap Detector English 繁體中文 简体中文 日本語 Tiếng Việt العربية 한국어 Bahasa Indonesia हिन्दी اردو Русский English

智能索引记录