One critical difference between today’s DATs and previous-cycle public crypto vehicles (Grayscale Trusts): With the trust structure, only Grayscale (the sponsor) controls when underlying assets are bought or sold. Public pressure is the only tactic, there are no ownership rights to force action. With DATs, these are public stock companies. Holders can (in theory) force a sale of the underlying assets should mNAV trade below par. An interesting thing to consider is that the market would likely front-run any action, as it would be slow to enact. In turn, likely pushing mNAV closer to market. Net net, it would probably take a material discount for this to occur. In a bad market, this is a liquidity cascade to watch out for. In today’s market, DATs are exceptionally bullish. Higher.