Anton Golub Newsletter - Digital Assets, Crypto & Regulation · Oct 20, 2025

Hype around Digital Asset Treasuries (DATs) is slowly coming to an end

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mNAV = 1.16. Volatility dead. ATM sales dilute. Strategy stalls. DAT hype is over.

No more infinite money glitch.

Saylor’s game is almost over.

Strategy just raised $18.8M.

That’s nothing!

Rounding error compared to earlier issuances.

I explain:

- mNAV is collapsing. From sky-high premiums to barely above 1.
- Volatility has dried up. Hedge funds aren’t playing anymore.
- ATM issuance is now dilutive. Every sale hurts existing shareholders.
- …

Read on antongolub.substack.com ↗

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