Frank Chaparro(@fintechfrank):DATs are heating up. The original PIPEs were losers because everyone had the trade backwards. Now liquid funds are realizing that when a DAT trades below 1x mNAV, you can get more token exposure per dollar. At 0.33x mNAV, you’re effectively getting ~3x the exposure to the underlying token…if you believe the discount eventually closes.

Frank Chaparro

@fintechfrank

Head of Strategic Communications @GSR_io/ Host of The Crypto Tape / Airbnb Super Host/ Founding Reporter at @TheBlock__

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Frank Chaparro@fintechfrank

2026.09.21 20:39

DATs are heating up. The original PIPEs were losers because everyone had the trade backwards. Now liquid funds are realizing that when a DAT trades below 1x mNAV, you can get more token exposure per dollar. At 0.33x mNAV, you’re effectively getting ~3x the exposure to the underlying token…if you believe the discount eventually closes.

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