For DAT companies, it seems there are two main drivers of value: >Access >Yield On the access front, this primarily comes down to the ability for regulated institutions and investors to gain access to crypto assets (BTC, HYPE, ETH, NFTs, etc) via regulated vehicles in a form factor they are comfortable with However, the access value-add will only continue to make sense if DAT companies can continue to increase NAV per share. If unable to sustain this (which many may not be able to), there is little point in paying a premium for one of these DATs compared to just purchasing an ETF, trading at NAV This then brings us to the second and arguably more compelling value-add: yield. Imo, this is ideally the real value-add we will see with treasury companies like that being done by Ethena to offer basis trade yield to equity investors Consider another DAT that uses its premium above NAV to purchase cash-flow businesses and drive real yield. Or in the form of a HYPE treasury vehicle earning yield via HIP-3 market deployment. Current access to these yields is limited to private market investors in case 1 and crypto-natives in case 2 Bring real yield back to stagnated public capital markets