dat

21shares Ethena ETP (EENA) represents the acceptance level of retail users for the price of $ENA .

Yesterday (12/3), 21shares officially listed the ETP product EENA, based on ENA single asset exposure, on the Swiss stock exchange (SIX Swiss Exchange).

Monitoring the trend of EENA might be better than keeping an eye on the price of StablecoinX (Ethena DAT)?

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StablecoinX is an ENA reserve company established through a collaboration between Ethena and a venture capital firm. It is traded as a U.S. stock and is not as pure as trading products like ETP.

Although StablecoinX will purchase ENA through the Ethena Foundation, it is more inclined to buy ENA within a specific price range during a specific time period, thus having a clearer cost price.
(According to DefiLlama, the average cost price corresponding to the two completed rounds of purchases is approximately: 0.29, 0.21)

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21shares' EENA is designed to be 100% physically backed and cannot be used for lending or other purposes, with assets stored at the custodian BitGo.

In other words, what EENA reflects is a purer retail user trading psychology, showing the price that buyers trust for ENA.
(Additionally, there is a management fee cost of 2.5%)

A 2.5% management fee is considered a standard setting in 21shares' single asset exposure type ETP.

For example, the two ETPs tracking $DOGE and $PYTH also have a fee of 2.5%.
Although ETHC and CBTC are 0.1%, it is mainly because they need to compete for market share with other competitors.

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EENA recorded an AUM of 1,293,770 on its first day, which should be considered a moderate performance for the ETP launched by 21shares.

I will treat EENA as another reference data point, as it more accurately reflects the price preferences of European market users for ENA assets.

Although 21shares mentioned in the document that the potential benefit of ENA lies in opening up a profit-sharing mechanism after cost conversion, the fact is that no one can predict when it will start, so current buying and selling are more based on the price fluctuations of the ENA asset itself.

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*Opinions are solely my personal views and not financial advice (NFA), please do your own research (DYOR)

*Image source: 21shares

#21Shares #ENA走势分析 #StablecoinX #DAT

$ETH DAT Activity Dried Up

According to the latest #Bitwise report, #ETH DATs saw significantly lower activity in November, with only 370K ETH bought, down 81% from August.
#DAT #analysis #BinanceBlockchainWeek

1 Minute Letter _ EU banks unite behind a euro stablecoin

Group of #Eu banks pushes for euro-pegged stablecoin by 2027 _ The entity formed by 10 banks is working on obtaining regulatory approval from the Dutch Central Bank to launch a stablecoin “in the second half of 2026.”

Crypto #gaming ’s mainstream moment hinges on CLARITY Act: Web3 Gamer _ Immutable’s founder says crypto talks are already underway with multi-billion-dollar traditional gaming companies, Ronin Network to expand beyond gaming, and other news.

ETH briefly touches $3K but traders remain skeptical: Here’s why _ Ether price surged to $3,000 on Tuesday, but lagged behind the US stock market rally as muted demand for ETH derivatives and growth in competing blockchains kept traders

#Kraken adds Backed Finance to 2025 acquisition streak, brings xStocks in-house _ The acquisition will give Kraken full control of the xStocks tokenized-equity platform, strengthening the exchange’s push into regulated real-world assets.

#DAT s bring crypto’s insider trading problem to TradFi: Shane Molidor _ Information asymmetry and front-running behaviors are migrating from token markets to institutional products like DATs, warns Shane Molidor of Forgd.

Source: Binance News / Bitdegree / Coindesk / Coinmarketcap / #Cointelegraph / Decrypt

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$EUR $RONIN $ETH

DATs Under Pressure Amid Crypto Volatility

Explaining how Digital Asset Tokens (DATs) face challenges when market downturns reduce their net asset value and force liquidity actions.

Digital Asset Tokens (DATs), which package underlying crypto assets into SEC-regulated securities, are facing increased pressure amid market volatility. A key performance metric, the market net asset value (mNAV), compares a DAT’s trading price to its crypto holdings. When mNAV falls below 1, the DAT may be trading below its underlying assets, potentially forcing sales to maintain liquidity.

Experts suggest that DATs have attracted participants more drawn by hype and easy access to capital than long-term fundamentals. Macquarie notes that if the equity premium relative to net asset value erodes, DATs could face significant structural challenges. Some firms, like Strategy, are building reserves to support dividends and debt repayments, aiming to weather downturns.

For traders, monitoring mNAV trends and understanding liquidity risks is critical when considering DAT exposure.

#DAT #MarketVolatility #Write2Earn

Overview of DAT challenges during market downturns and the importance of monitoring mNAV.

Disclaimer: Not Financial Advice
$BTC
$ETH
$BNB

ALT5 Sigma’s DAT Gamble Backfires: Inside a Rapid Corporate Unraveling

ALT5 Sigma’s aggressive push into Trump-linked WLFI tokens has quickly become a cautionary tale for the emerging digital-asset treasury (DAT) sector. The Nasdaq-listed fintech is now facing internal chaos, executive exits, and an 80% stock wipeout as its high-profile WLFI strategy triggers mounting scrutiny from investors and regulators.

A new investigation from The Information details how the company’s shift into becoming a major WLFI token holder has coincided with cascading resignations, a CEO suspension, undisclosed legal issues abroad, and warnings to employees about potential litigation and regulatory investigations. The turmoil follows the company’s plan to raise $1.5 billion to accumulate WLFI — a governance token backed by Donald Trump and his sons — a vision now overshadowed by financial instability and governance concerns.

As DAT-focused companies enter the regulatory spotlight, stakeholders are watching ALT5 Sigma’s situation closely. Investors have voiced alarm over the firm’s collapsing valuation and lack of clarity around its token-fundraising claims, while broader skepticism grows around whether some DAT structures are enabling large token holders to offload risk. With shareholder anger rising and oversight tightening, ALT5 Sigma has become a focal point in the debate over corporate crypto-reserve strategies — and a test case for what happens when hype outruns governance.

#ALT5Sigma #WLFI #CryptoRegulation $WLFI #DAT

#etf Outflows, #stablecoin Flows and #DAT Reversals Signal Crypto Capital Flight:  Spot Bitcoin ETFs recorded $3.79 billion in net outflows in November through November 21, the highest since February's $3.56B, driven by $900M+ single-day exits on November 20. 

Source: Binance News / Bitdegree / #CoinDesk / Coinmarketcap / Cointelegraph / Decrypt

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The company #Reliance Global Group, which became a treasury (#DAT ) in September 2025, completed the portfolio rebalancing and plans to invest only in #Zcash $ZEC . Earlier, the asset noted a sharp increase and repeatedly updated its multi-year high.

It should be noted that Reliance Global Group switched to a model of accumulating crypto assets in September 2025. Initially, the company planned to invest in a basket of coins — $BTC , Ethereum $ETH , Solana, XRP, and Cardano.

In a new press release, the firm stated that it has completely exited the positions mentioned above, concentrating in the portfolio only on one asset — Zcash. This decision was made after a comprehensive analysis, following which the company's advisory board concluded that this coin is the most suitable for DAT in the long term.

Bitwise CIO: Most Digital Asset Financing Companies (DAT) Should Trade at a Discount

Recently, Bitwise Chief Investment Officer Matt Hougan offered new insights into the valuation framework of digital asset financing companies (DAT), pointing out that the market generally misunderstands the pricing logic of such companies.

He believes that the key to assessing the value of DAT lies in how to calculate its true value if the company has a clearly defined fixed duration.

Hougan illustrated the valuation logic through a case: if a Bitcoin DAT announces immediate liquidation and asset allocation, its trading price should equal the value of the held Bitcoin; however, if the liquidation period extends to one year, three major discount factors need to be considered.

First, insufficient liquidity will require investors to demand a 5%-10% compensation; second, operating costs will directly erode asset value; third, potential operational risks must also be included in pricing considerations; these discount factors collectively form the basic standards for determining reasonable asset pricing.

For DAT to achieve premium trading, it must prove its ability to continuously enhance the value of each cryptocurrency share. In this regard, Hougan proposed four value-added paths for DAT, specifically including:

Issuing bonds to increase cryptocurrency holdings; earning interest through lending operations; generating income using derivative strategies; and acquiring crypto assets at a discount (including discounted purchases of locked tokens, mergers with peer companies, stock buybacks, or acquiring cash flow businesses.)

This investment expert emphasized that discount factors are deterministic, but premium opportunities are filled with uncertainty, which also puts most DAT in a "high barrier" predicament. He predicts that the future market will significantly differentiate, with a few companies with outstanding operational capabilities able to achieve premium trading, while most companies will remain in a discounted state for a long time.

It is noteworthy that the trend of differentiation has begun to take shape. As the market matures, larger DATs will increasingly highlight their structural advantages in debt financing, lending operations, the use of derivative tools, and the grasp of merger opportunities.

In summary, the structural advantages of larger DATs are accelerating industry differentiation, making Hougan's proposed valuation framework more meaningful.

Investors can leverage this type of analytical logic to effectively identify companies that truly possess value-creating capabilities, thereby promoting the market to form a more rational pricing mechanism.

#DAT

#eth巨鲸增持 just three sentences:
1 The invisible giant whale is elusive.
2 Directly focus on #DAT .
3 #DAT only pays attention to BitMine Immersion Technologies (#BMNR ).

🏢 Companies Pivoting to Crypto: The DAT Movement

Headline: From Red Ink to Digital Gold: Firms Adopt Crypto Treasuries

A new wave of companies is following MicroStrategy’s playbook — adopting Digital Asset Treasuries (DATs) to strengthen their balance sheets. By holding Bitcoin, $ETH Ethereum or $SOL Solana as treasury assets, these firms aim to hedge against inflation and tap into crypto’s long-term growth.

The movement shows how corporate strategy is shifting from defensive cash hoarding to offensive digital positioning. The age of the “crypto-native enterprise” may have just begun.

🏦 What’s your take? Would you trust a company more if it held crypto in its treasury — or does that add unnecessary risk?
@Dexipher

$ETH
#solana



#CryptoTreasury #MicroStrategy #DAT #BinanceWriteToEarn

Digital Asset Treasury Companies: A Big Bet on the Future of Crypto

Digital asset treasury companies (DAT) are facing a significant challenge as the market value to net asset value (mNAV) ratio declines, threatening their ability to raise capital. However, this situation is not a negative sign but rather indicates that companies are making a big bet on a volatile yet promising future for the crypto market.

Challenges and Opportunities

The decline of #mNAV has forced DATs like BitMine and SharpLink Gaming to consider issuing additional shares to raise capital, leading to the dilution of existing shareholders' interests. This pressure is further compounded by the emergence of Ethereum spot ETFs, providing investors with a direct access channel without incurring additional fees. However, this also presents an opportunity for DATs to prove their strategy.

A Decisive Quarter

Experts believe that Q4 will be a critical moment. If Ethereum experiences a strong price surge, mNAV will recover, allowing #DAT to raise capital more easily to increase their ETH holdings, thereby creating a positive growth loop. Conversely, if the market stagnates, companies will have to rely on yields from staking. Nonetheless, the existence of DATs demonstrates a steadfast belief in the long-term potential of crypto. These companies are willing to take short-term risks to pursue a vision of a future where digital assets become a cornerstone of the global financial system. #anh_ba_cong

🚨 BIG: #stablecoin , #etf s, and #DAT s surged from $180B to $560B since 2024.

That's over 3x #Growth .

But that #Run is now #slowing down.

The Purchasing Power of DAT Companies Has Nearly Reached Zero: A Red Alert for the Market

The capital inflow of DAT strategy firms has crashed from $557M to $259M in just four months — a 95% collapse. This isn’t a simple cooldown; it’s a warning of total exhaustion in institutional buying power.

Even worse, DAT-linked companies’ stocks have plunged 40–90%, while Bitcoin fell only 10%. Such a mismatch suggests they might be forced to dump BTC reserves to survive financial strain.

With Bitcoin hovering near $105,000, things look calm — but one major DAT liquidation could trigger a chain reaction the market isn’t ready for. Short positions now sit at 51%, and smart money knows exactly where the danger lies.

#Bitcoin #CryptoMarket #DAT #BTC #RiskAlert

#crypto Rebounds and Winklevoss Capital fund Zcash #DAT Crypto majors are rebounding after Tuesday’s selloff, with Bitcoin (BTC) up 1% at $105,000, while Ethereum (ETH) remains even at $3,550, Binance Coin (BNB) steady at $978, and Solana (SOL) down 2% at $159. Meanwhile, Ethereum #whale 's have accumulated over $350 million during the latest dip, with indications that institutional players are behind the buying.

"Disclaimer _ Source: Binance News / Coinmarketcap / Bitdegree / Coindesk / Cointelegraph / #Decrypt & do support by follow, like, comment, share, repost to reach maximum audience, more such informative content ahead"

$ZEC $BTC $ETH

Tokyo Exchange Operator Mulls Limits on Digital Asset #Treasury Firms: The Tokyo Stock Exchange operator #JPX is reportedly exploring stricter rules, including backdoor listing restrictions and mandatory audits, to curb listed companies pivoting to large-scale bitcoin/crypto treasuries #DAT 's.

"Disclaimer _ Source: Binance News / Bitdegree / #CoinDesk / Coinmarketcap / Cointelegraph / Decrypt & do support by follow, like, comment, share, repost to reach maximum audience, more such informative content ahead"