Super interesting convo on DATs trading below nav between coinfund’s Seth Ginns and Christopher Perkins Seth at @coinfund_io opines: Buybacks can act as a floor but the real story may be consolidation, with strong DATs scooping up weaker ones at a discount. Quote: “There are a few dynamics at play here that we think will protect against sustained trading below NAV for the highest-quality digital asset treasuries. You’re seeing a bunch of DATs put in place share buyback authorizations, so if they end up in a situation where they are trading below their net asset value, they can go back into the market and buy back stock. We’re going to, in the good times, keep a few days of buying reserves… we’re going to keep a few days’ worth of cash as a reserve so if we do trade below NAV we will be able to step in, buy our equity back, and have that be accretive. The other thing we could see is consolidation. So there’s likely going to be a wide range of multiples that DATs trade at, and the strongest ones — the ones trading at a high premium — can go in and acquire ones at a discount”(Frank Chaparro)