Do not continue to place hope in DAT companies; they are merely arbitrageurs in this market.
Metaplanet claims to be the Asian MSTR, but during this round of decline, they haven't bottomed out, still because they have no free cash left. The stock price has also fallen below its net value, and the arbitrage strategy of issuing new shares to buy coins is gone. It is evident that for 99% of DAT companies, in this situation, it is completely impossible to operate; even if BTC rises, it does not guarantee that your stock price will have a positive premium. So in this situation, how long can you hold without selling coins? The correct approach is still to sell coins at a negative net asset value to buy back shares or hoard cash, sell shares at a positive premium to buy coins for arbitrage, and sell coins at a negative premium to buy shares.
However, selling coins to buy shares is actually very risky because the overall market value is shrinking; are we going to directly delist?
So do not be enchanted by DAT companies; not every one of them is MSTR or Saylor. The test for DAT companies is their financing ability; they are actually more like an investment bank. If the economy declines, a large number of DAT companies will go bankrupt, which will certainly accelerate the downward pressure on BTC.
Last night, BTC fell along with the US stock market, rising less and falling quite quickly. The Bollinger Bands have also narrowed, indicating that significant volatility is coming. It really feels like we are about to have another downward spike. #加密市场观察 $BTC
