The question raised by the senior teacher is about the soul. Let me make a brief deduction, and I'll just throw a brick to inspire you. When will the Ethereum DAT treasury strategy company sell ETH? How to translate Good Ending 1- Falling Bag When the price of encrypted assets is significantly higher than their warehousing costs, they cash out under shareholder/tax requirements, although the transfer address may have a slight impact on the floating profit. Weice has previously transferred some coins to "optimize taxation", but it did not cause any settlement or market collapse effects. But for their funding scale - it doesn't matter. Selling at an average cost of 3000 and 6000 is already very satisfying with a large capital. Good Ending 2- Transfering to Another Love If they make enough money, it is human nature to replicate their path to success. Those who started with Ethereum DAT may try to create other altcoins in the future, and may switch cars at this time. Ordinary outcome 1- Hedge shipment If they believe that their asset holdings are nearing their peak, they will stop buying or even prepare to sell. Even if their on chain addresses are transparent, it does not prevent them from quietly hedging through contracts and options, thus preserving a little bit of the fruits of victory. Ordinary ending 2- No one cares If the mNAV remains below 1 for a long time, the company will consider it a loss to continue issuing stocks now, so it may release some coins at this time to appropriately pull back the mNAV. Based on my experience, of all the anchors in the world, only the "two-way rigid anchor" is effective, and no project can be anchored solely by the "psychological anchor" Bad Ending 1- Financial Pressure For example, Tesla in 2022 had to sell 3/4 of its Bitcoin holdings due to financial pressure. These institutions may also face similar financial pressures at some point in the future. Bad Ending 2- Stop Loss If the opposite is done, the cost of building a position will be significantly higher than the current price, and the entire game cannot continue. One day, the only option is to stop losses and try to buy back through a lower bottom. Of course, these are only long-term endgame speculations and do not mean that I am currently bearish or have a negative view of DAT. When the drums are still beating, you should continue playing music and dancing. When will the drumming stop? That's what the next post will share, mainly focusing on three indicators: warehouse building costs, CEO/CFO/board personnel changes, and mNAV consistently below 1.