We at @21Shares called it, but there are reasons why some DATs did better or worse than others, and there are two groups IMO: Group 1 (mostly have scale now): Launched before US crypto spot ETFs to offer an equity proxy to digital assets, such as Strategy and Hyperliquid Strategies. The only exception in that group that launched after US crypto ETFs with scale is BitMine. Group 2: Launched after US crypto spot ETFs and have either shut down or struggled to raise fresh capital due to the AI-capex trade, with mNAV below 1.