idk, these DATs make me nervous already - mNAVs compressed, trading at or below 1 - BMNR has to buy back its stock while also buying non-ETH assets - BTCS launched the ETH “bividend” but price still fails to rally, mNAV at 0.66 For ETH it is most worrying. DATs pumped ETH, but now struggle as retail is not buying the ETH story. For ENA, SOL, HYPE it's still earlier days so perhaps can do better. Most DATs were random businesses before pivoting to crypto. Pure mercenary capital: • Convano – Japanese nail salon • Metaplanet – hotel chain in Japan • Kindly MD – cannabis healthcare • Smarter Web – UK web design agency • DDC Enterprise – meal kits & cooking media • Eightco – packaging & e-commerce funding • SharpLink – iGaming affiliate marketing • Forward Industries – device cases • Upexi – consumer brands roll-up (thx to chatgpt for the research for this list) It's really the moment when in 2017 companies added "blockchain" to their name and stocks pump. We all know these Ponzis will collapse but we think it's still early. Thoughts?(Ignas | DeFi)