Bitcoin dips below $85K as DATs face ‘mNAV rollercoaster’: Finance Redefined
Bitcoin fell below $85K while Digital Asset Treasury companies struggle with the volatility of the multiple-to-net-asset-value (mNAV) metric.Summary
Cryptocurrency markets saw a downturn, with Bitcoin dropping below $85,000 before recovering slightly. The volatility poses a threat to Digital Asset Treasury (DAT) companies, whose sustainability hinges on avoiding the "mNAV rollercoaster," according to Solmate CEO Marco Santori. DATs often rely on trading at a high multiple-to-net-asset-value (mNAV) to sell accretive stock and buy more underlying coins, but falling token prices erode this premium, stalling growth. In regulatory news, the SEC dropped its four-year investigation into Aave, prompting founder Stani Kulechov to unveil a 2026 master plan focusing on Aave v4, Horizon (for real-world assets), and the Aave App, aiming for $1 billion in RWA deposits. Other developments included a Hyperliquid governance vote to permanently sideline $1 billion in HYPE tokens from its Assistance Fund, ETHGas raising $12 million for its blockspace trading platform, and the SEC providing clarity that tokenized stocks will be governed under existing broker-dealer custody rules.
(Source：Cointelegraph)