Beyond mNAV: A Deeper Dive into DATs
Most investors still judge Digital-Asset Treasuries (DATs) through the single lens of mNAV (market-cap / net-asset-value). This note—compiled from the dashboard built by our partners at Pantera—widens the frame. We disaggregate what actually drives value, how treasuries are managed, and why issuance discipline matters more than the headline premium. –––––––––– 1. The 2025 DAT Summer Is Cooling The sector exploded this year as Bitmine (BMNR), Sharplink (SBET) and Solana Company (HSDT) went mai...
AI Agents + Gamified Earning: Bondex Raises $10.5M, with a June TGE Potentially Becoming the Next 10…
I. Disruptive Innovation in the Web3 Talent Market: Bondex's Dual-Engine Approach In 2025, with the deep integration of Web3 technology and AI, Bondex is redefining the global talent market landscape with its dual-engine model of "AI agents + gamified earning." As the first Web3 career platform deeply integrating economic incentives with social networking, Bondex has completed a $10.5 million financing round, led by top-tier institutions such as Animoca Brands and Bitget. It plans to launch i...
First airdrop! Nodepay's economic model is confirmed, and the TGE is about to raise $7 million.
Nodepay NewsNodepay announced on January 9 that the final airdrop query is now online, and the token distribution for Season 0, 1, and 2 can be queried, with an initial total supply of 1 billion. However, the milestone moment for Nodepay was announced yesterday: On January 12, Nodepay announced that it would launch the first airdrop on January 14. And announced the address. In addition, the economic model is determined, with a total supply of 1 billion and an initial flow of 208,000,000. From...
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Beyond mNAV: A Deeper Dive into DATs
Most investors still judge Digital-Asset Treasuries (DATs) through the single lens of mNAV (market-cap / net-asset-value). This note—compiled from the dashboard built by our partners at Pantera—widens the frame. We disaggregate what actually drives value, how treasuries are managed, and why issuance discipline matters more than the headline premium. –––––––––– 1. The 2025 DAT Summer Is Cooling The sector exploded this year as Bitmine (BMNR), Sharplink (SBET) and Solana Company (HSDT) went mai...
AI Agents + Gamified Earning: Bondex Raises $10.5M, with a June TGE Potentially Becoming the Next 10…
I. Disruptive Innovation in the Web3 Talent Market: Bondex's Dual-Engine Approach In 2025, with the deep integration of Web3 technology and AI, Bondex is redefining the global talent market landscape with its dual-engine model of "AI agents + gamified earning." As the first Web3 career platform deeply integrating economic incentives with social networking, Bondex has completed a $10.5 million financing round, led by top-tier institutions such as Animoca Brands and Bitget. It plans to launch i...
First airdrop! Nodepay's economic model is confirmed, and the TGE is about to raise $7 million.
Nodepay NewsNodepay announced on January 9 that the final airdrop query is now online, and the token distribution for Season 0, 1, and 2 can be queried, with an initial total supply of 1 billion. However, the milestone moment for Nodepay was announced yesterday: On January 12, Nodepay announced that it would launch the first airdrop on January 14. And announced the address. In addition, the economic model is determined, with a total supply of 1 billion and an initial flow of 208,000,000. From...
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Trump Media’s Bold Bitcoin Bet Amid Financial Struggles
Trump Media & Technology Group (TMTG), the parent company of Truth Social, has secured SEC approval to raise $2.3 billion—primarily to buy Bitcoin—despite posting a $400 million loss in 2024 and seeing its stock plummet 42% this year. This move mirrors MicroStrategy’s strategy, which has amassed 592,100 BTC ($418.4 billion) and become a market darling. However, Trump Media’s lack of profitability and reliance on political narratives raise doubts about its ability to replicate this success.
Financial Instability vs. MicroStrategy’s Discipline
MicroStrategy, under Michael Saylor, has consistently bought Bitcoin since 2020, leveraging its profitable software business to fund purchases.
Trump Media, in contrast, generated just $3.6 million in revenue last year, making its Bitcoin accumulation dependent on external financing—a riskier approach.
Political vs. Market-Driven Strategy
While MicroStrategy’s Bitcoin holdings are viewed as a hedge against inflation, Trump Media’s move is tied to a broader "Patriot Economy" narrative, blending financial strategy with political ideology.
Critics argue this could make its stock more volatile, as its valuation hinges on Trump’s influence rather than fundamentals.
Regulatory and Ethical Scrutiny
Trump’s personal crypto earnings ($57.35 million in 2024 from World Liberty Financial) and his public endorsements of DJT stock have sparked market manipulation concerns.
MicroStrategy, meanwhile, has avoided such controversies by focusing solely on Bitcoin as a corporate treasury asset.
Bitcoin’s Institutional Wave: With the U.S. government considering a strategic Bitcoin reserve and states like Texas passing pro-BTC laws, Trump Media’s bet aligns with a macro shift toward crypto legitimacy.
ETF Ambitions: TMTG plans to launch a Bitcoin ETF, competing with BlackRock’s IBIT—a move that could attract institutional inflows if approved.
Trump Media’s Bitcoin gamble could pay off if:
Bitcoin’s price surges, offsetting its operational losses (as seen with MicroStrategy’s 2020–2025 rally).
Its political capital translates into regulatory advantages (e.g., favorable crypto policies under Trump).
However, without a profitable core business, it remains vulnerable to Bitcoin’s volatility and political headwinds. For now, the odds of replicating MicroStrategy’s success are slim—but in crypto, never say never.
Trump Media’s Bold Bitcoin Bet Amid Financial Struggles
Trump Media & Technology Group (TMTG), the parent company of Truth Social, has secured SEC approval to raise $2.3 billion—primarily to buy Bitcoin—despite posting a $400 million loss in 2024 and seeing its stock plummet 42% this year. This move mirrors MicroStrategy’s strategy, which has amassed 592,100 BTC ($418.4 billion) and become a market darling. However, Trump Media’s lack of profitability and reliance on political narratives raise doubts about its ability to replicate this success.
Financial Instability vs. MicroStrategy’s Discipline
MicroStrategy, under Michael Saylor, has consistently bought Bitcoin since 2020, leveraging its profitable software business to fund purchases.
Trump Media, in contrast, generated just $3.6 million in revenue last year, making its Bitcoin accumulation dependent on external financing—a riskier approach.
Political vs. Market-Driven Strategy
While MicroStrategy’s Bitcoin holdings are viewed as a hedge against inflation, Trump Media’s move is tied to a broader "Patriot Economy" narrative, blending financial strategy with political ideology.
Critics argue this could make its stock more volatile, as its valuation hinges on Trump’s influence rather than fundamentals.
Regulatory and Ethical Scrutiny
Trump’s personal crypto earnings ($57.35 million in 2024 from World Liberty Financial) and his public endorsements of DJT stock have sparked market manipulation concerns.
MicroStrategy, meanwhile, has avoided such controversies by focusing solely on Bitcoin as a corporate treasury asset.
Bitcoin’s Institutional Wave: With the U.S. government considering a strategic Bitcoin reserve and states like Texas passing pro-BTC laws, Trump Media’s bet aligns with a macro shift toward crypto legitimacy.
ETF Ambitions: TMTG plans to launch a Bitcoin ETF, competing with BlackRock’s IBIT—a move that could attract institutional inflows if approved.
Trump Media’s Bitcoin gamble could pay off if:
Bitcoin’s price surges, offsetting its operational losses (as seen with MicroStrategy’s 2020–2025 rally).
Its political capital translates into regulatory advantages (e.g., favorable crypto policies under Trump).
However, without a profitable core business, it remains vulnerable to Bitcoin’s volatility and political headwinds. For now, the odds of replicating MicroStrategy’s success are slim—but in crypto, never say never.
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