ETHZilla announces selling 24,200 ETH to repay debts—another DAT company bites the dust! ETHZilla (stock code ETHZ) is the 5th largest Ethereum DAT company. Due to its fully diluted mNAV being 0.8, it has lost its financing capability. When debts mature or dividends need to be paid, it finds itself in a rather awkward position. The announcement mentioned plans to shift focus to RWA tokenization business in the future, aiming to drive revenue and cash flow growth through RWA operations. Whether this can be successfully implemented or not, this is actually one of the transformation strategies all DAT companies need to consider right now. In MSCI's proposal to decide whether to remove MSTR from the index, the argument was that these DAT companies are essentially funds without actual business operations. If DAT companies can prove their operational capabilities, then this reasoning for removal would no longer hold. So, aside from the capital reform strategy I mentioned earlier from Japan's Metaplanet, another approach is to focus on operational capabilities. It’s becoming increasingly urgent for DAT companies to truly transition their business operations onto the blockchain.