Launching micro-sized onchain DATs (micro strategies) is market opportunity that we are starting to see occur. This is a highlight of how the market can perceive something like @Hyper_Strategy which is a protocol designed to issue bonds to acquire more $HYPE 🧵 Hyperliquid 👇

From $120K To $2M–$50M: Modeling The Capital Formation Curve Think in scenarios and probabilities. Market prices an expected future treasury (E[Treasury]) discounted for time + dilution. Scenarios (next 3-6 months): Stall $0.1M (flat) - 20% Modest Scale $2M - 40% Growth $10M+ - 30% Breakout $50M - 10%

E[Treasury] = $8.82M. Discount 20% for execution/time risk → ~$7.06M risk-adj PV. Implied Forward mNAV: $7.06M / 100M = $0.0706. Compare to base mNAV $0.0012 → ~59x premium purely from the probability-weighted capital formation option before adding yield, deal flow rights, meme reflexivity, or scarcity effects.

Tldr; Because these factors multiply in market behavior (orderbook scarcity + reflexive bid), you can see prints far above even rational sum-of-parts. Sustainable premium will settle lower; blow-off trades mark the 100x headline.