I’m planning a fun experiment with Korean TG Mindshare and can’t wait to share it with you. Coming soon!

In hindsight, exchanges not listing $HYPE backfired spectacularly. By forcing users to bridge and actually use Hyperliquid for exposure, they created a reflexive loop where: → Users realized the product is genuinely better than CEX and started using it beyond getting $HYPE exposure → Drove more adoption, accelerating the CEX/DEX shift and giving Hyperliquid more market share → Users bought more $HYPE as they grew bullish on the long-term thesis The blacklisting (due to threat perception) only strengthened their position. Streisand effect.

[Report] Digital Asset Treasury: From Premium to Multiple Digital Asset Treasury companies are publicly listed firms that hold digital assets such as Bitcoin as core assets on their balance sheets, while engaging in capital raising and revenue generation. Originating with Strategy, the model has recently expanded to include diverse cases such as Metaplanet and DeFi Development. • The Archetype of Premium: Strategy’s NAV premium stems from its relatively high accessibility and volatility compared to its underlying assets. Through additional capital raising, it established a financial engineering flywheel that actively capitalizes on this premium. • Expansion and Differentiation: Metaplanet has adopted a rapid BTC accumulation strategy driven by reliance on specific external capital. Meanwhile, Sol Strategies and DeFi Development have differentiated themselves as operational DATs by monetizing through Solana staking and DeFi integrations. • Multifaceted Risks: The DAT model contains inherent structural vulnerabilities, including premium collapse (structural risk), dependence on underlying asset prices (market risk), and debt repayment pressure (financial risk). These risks become amplified during bear markets, leading to potential downward spirals. • Challenges for Sustainability: Mere asset accumulation is only the initial step toward securing working capital for business operations. To build sustainable market presence, DATs must engage in active asset management or develop new business strategies utilizing digital assets. On-chain and off-chain monetization models, along with platform-based businesses, are essential for converting temporary premiums into sustainable market multiples. The full report "Digital Asset Treasury: From Premium to Multiple" written by @Earl_Senor and @Touslesjours_70 can be accessed through the links below⤵️ ENG: KOR: JPN: