The industry has always had mixed sentiment about DATs, but I don't think anyone is complaining about how much Bitcoin they have been accumulating in the bear.
Out of the top 20 DATs, 5 sit above 1.00 mNAV, with MSTR sitting at 0.81 👀
MSTR just skipped their weekly bitcoin buy, but it doesn't look like DAT accumulation is going to slow down anytime soon. If anything DATs have just proven institutional demand remains, despite the market downturn.
You have to zoom out to realize digital assets are being accumulated at an unprecedented rate, and there's no argument that DATs helped accelerate this and brought in new liquidity. We are entering a new era of digital assets and finance; where on-chain, structured, financial products are going to bring in the next tranches of liquidity.
The intricacies of DeFi are fascinating; although the expansion of traditional financial products into DeFi will make DeFi seem more like traditional finance. This is what mainstream adoption will look like, but what's more exciting: deploying capital into a leveraged loop yield farm or buying a tbill?
DATs are pretty 'boring' to me, and probably to most in the space. At first I was excited about institutional adoption, but it's nothing novel, and there's no real innovation to be excited about. Despite this, DATs where a crucial step towards the industry maturing.
I'd note that the next wave of widespread adoption will also be 'boring'. As liquidity improves in DeFi, yield opportunities will compress, and DeFi yield will start to look like treasury bill yield. DeFi maturing will be the next stepping stone for the industry, even if it flushes out all of the on-chain yield casinos.