Overview
- He cites illiquidity, operating costs, and execution risk as structural drags that pull market value below underlying crypto.
- Only a few tactics can raise crypto per share, including issuing debt, lending tokens, writing options, or buying assets at a discount.
- Expenses and risk compound over time, making sustained premiums rare even for well-run perpetual structures.
- ETF specialists Nate Geraci and Eric Balchunas say spot and staking funds now offer cleaner exposure, with some calling them “DAT killers.”
- Industry reporting estimates DATs oversee more than $130 billion, and scale is described as an edge for firms pursuing debt, lending, derivatives, and M&A.