"What happens to digital asset treasury companies (DATs) when prices go down?" is such an interesting question Do some unwind completely? Do we see M&A by companies with higher mNAV opportunistically buying ones with low mNAVs? Would that M&A occur between same-asset DATs or cross-asset DATs (eg Strategy buying an ETH or SOL DAT)? And to Jake's point - the good news is that while unwinds might impact price action, it doesn't change the underlying tech continuing to improve