$BMNR $BTBT $BTCS $ETHM $ETHZ $FGNX $GAME $SBET Daily DAT Update (Thurs 8/28/25): No company-specific news today. $2.3bn trades representing 49% of the 20d avg. $BMNR and $SBET comprise 75% and 21% of today’s volumes, respectively.

$BMNR $BTBT $BTCS $ETHM $ETHZ $FGNX $GAME $SBET Daily DAT Update (Wed 8/27/25): No company-specific news today. $3.6bn trades representing 78% of the 20d avg. $BMNR and $SBET comprise 98% of today’s volumes, which is the highest daily percentage share ever.

$BMNR $BTBT $BTCS $DYNX $ETHM $ETHZ $FGNX $GAME $SBET Daily DAT Update (Tues 8/26/25): $SBET drops pre-market weekly update, stacking another 56,533 ETH since last week’s update. 19mm shares issued (8% of ADTV), which ranks second largest behind the week ending 7/11. $DYNX changing ticker to $ETHM, effective tomorrow. Quiet day with $2.9bn trading volume representing 63% of the 20d avg. All eyes on $NVDA print tomorrow AH. Has nothing to do with DATs but everything to do with risk-on/risk-off.

$BMNR $BTBT $BTCS $DYNX $ETHZ $FGNX $GAME $SBET Daily DAT Update (Mon 8/25/25): $BMNR adds 190,526 ETH since last week, bringing total to 1,713,899, in addition to 192 BTC and $562mm unencumbered cash. This is the first time they report having a cash balance. Reading between the lines, this gives them ability to defend mNAV (via repurchases) and/or more quickly add ETH. Shortly after this release, $BMNR issues a corrected version, this time including the fully diluted share count of 222mm. I don’t think this includes the 11mm pre-funded PIPE warrants, but I’m going to give them the benefit of the doubt and assume that fully diluted means fully diluted. Last week’s issuance represents ~10% of ADTV. @fundstrat HMU with fully-diluted share count by each tranche of shares and warrants, plz. $ETHZ, after Friday’s close, announces $10 billion ATM. At recent trading volumes and assuming 10% of ADTV, this will last them 27 years. Hopefully I’ll be retired by then. Then this morning, copying reverse UNO playbook from other DATs, $ETHZ authorizes $250mm stock buyback. Adds 7,562 ETH since last week, bringing total to 102,237, in addition to $215mm treasury cash. Average cost basis is $3,949. Common share count stands at 165mm. Fully-diluted, inclusive of $3.445 strike converts, options, warrants, gets me to 230mm. Note the convert exercise toggles on/off when share price is in/out-of-the-money. $FGNX adds 1,214 ETH since 8/11 update, bringing total to 48,545. No disclosure on source of funds, but it’s small enough that it probably was funded through couch cushion leftovers from the PIPE/shoe. Average cost basis is $3,850. Now we wait for the reverse UNO card. ETH quickly retreats from near $5k after hitting an ATH over the weekend and closed down 9% since last trading session. DAT’s pretty resilient, with all but $BTCS & $FGNX outperforming ETH. Combined volumes decent, closing at $3.5bn which is 80% of the 20d avg.

$BMNR $BTBT $BTCS $DYNX $ETHZ $FGNX $GAME $SBET Daily DAT Update (Fri 8/22/25): $ETHZ out with a prospectus unlocking their recent PIPE, which closed on August 4, 2025. Not too dissimilar to $BMNR unlocking their PIPE after 20 days. However, in the last 8 days, $ETHZ warrant-holders exercise 4.4mm in warrants prior to unlocking the PIPE. Not a good look. mNAV drops from 2.3x to 1.2x. $SBET authorizes $1.5 billion share repurchase, joining $BMNR, $BTCS, and $GAME, which have recently announced similar programs to defend shares trading near or below mNAV. Greenlight for risk after dovish Powell commentary, effectively locking in Sep rate cut. ETH hits YTD high and now flirting with ATH. With ETHBTC 0.04 vs 0.09 during last cycle high, feels like trade still has legs. DAT volumes back to $6.4bn and mNAV’s finally starting to tick up. “mNAV Compression of the Month” award goes to… $ETHZ, plummeting from 6.3x 10 days ago to 1.2x today.

$ETHZ one way to increase your float: unlock your PIPE and all the penny warrants. Remember the ~2.4mm in warrants that were exercised (and presumably sold) in the open market last week? Timing was Pelosi-esque. Down 36% pre-market as of writing.

$BMNR $BTBT $BTCS $DYNX $ETHZ $FGNX $GAME $SBET Daily DAT Update (Thurs 8/21/25): Quiet but ugly day in DAT-land with no company-specific news. Only $2.3bn trades (52% of 20d avg). Momentum unwind continues for 6th consecutive session ahead of Powell’s speech tomorrow. As long as he refrains from using the word, “pain”, we should be due for a bounce, at the least.

$BMNR $BTBT $BTCS $DYNX $ETHZ $FGNX $GAME $SBET Daily DAT Update (Wed 8/20/25): Have we bottomed? Big mo reversal 11am ET as broader market finds support at 20d MA. $NVDA and $PLTR #1 and #2 in volumes as retail BTFD shortly after the open. Volumes pick up throughout the day with DATs finding their groove and closing at $3.6bn, up from yday’s low of $3.3bn. $BMNR still beasting at #15 overall. All but $ETHZ finish flat/green. Setup looks primed for relief rally after Jackson Hole Friday. Low vol weak price action ahead of dovish catalyst seems to work in this tape. Good luck fam.

$BMNR $BTBT $BTCS $DYNX $ETHZ $FGNX $GAME $SBET Daily DAT Update (Tues 8/19/25): $SBET drops pre-market weekly update, stacking another 11,956 ETH since 8/15 update. This represents the smallest ATM issuance since mid-July, likely driven by mNAV compression and having recently placed $600mm via direct offerings. Momentum-led risk-off across the board (PLTR -18% from ATH) ahead of Jackson Hole Friday. $3.2bn in volumes trade (down 5th session in a row), coinciding with broader market volume weakness: yesterday’s session saw lowest volume day since 3/20/25. With SBET slowing down pace of ATM issuance as mNAV compresses, will be interesting to see if this decelerates the DAT flywheel and demand outlook for ETH. Less dilution (+ for DAT’s) but less demand for ETH (- for DAT’s).

$ATNF $BMNR $BTBT $BTCS $DYNX $ETHZ $FGF $FGNX $GAME $SBET Daily DAT Update (Mon 8/18/25): $ATNF changes ticker to $ETHZ and adds 12,489 ETH WoW for $4,531 per ETH, increasing average cost basis to $3,902. $BMNR boosts ETH stack by 373,110 tokens to 1,523,373 ETH. No disclosure on how many shares were issued, but my guess is ~27mm via ATM (5% of ADTV). Net impact to mNAV after today’s move is down from 2.1x to 1.8x. $BTCS approves 5c dividend for Common and Series V Preferred shareholders. Shareholders can receive either cash or ETH (“Bividend”). First time I’ve seen an ETH dividend, but apparently they did something similar in 2022, but with BTC. Additionally plans to issue a one-time loyalty payment of 35c/share (7%) to shareholders that HODL shares from 9/26/25 through 1/26/26. Works out to ~$20mm for both dividends. Volumes down for 4th consecutive session to $3.6bn with ETH flattish. Most notable decline is ETHZ, which peaked last week at $2.3bn and does $47mm today. Lots of debate over the weekend on what’s better, low mNAV (value) or high mNAV (growth). I think of mNAV as a proxy for risk/beta. Higher mNAV works great on the way up but hurts more on the way down (e.g. BMNR -5% vs SBET +1% today). If I had to choose, I’d want low mNAV, with high trading volumes and access to non-dilutive funding. Risk/reward feels pretty good owning 1.0x-ish mNAVs with potential for re-rating upwards when sentiment improves. Won’t mention names but you can probably figure it out.

$ATNF $BMNR $BTBT $BTCS $DYNX $FGF $FGNX $GAME $SBET Daily DAT Update (Fri 8/15/25 3:05pm ET): $SBET earnings out this morning. 10-Q shows 169mm shares as of 8/14/25, up from 158mm (pro forma for $400mm direct offering) as of 8/10/25. Implies ATM issuance of 3-4% of ADTV. No disclosure of current cash balance but my guess is $200-250mm. Conf call takeaways: goal to become the world’s largest & most trusted Ethereum treasury | raising capital to aggressively grow ETH holdings & further monetize via staking, restaking & DeFi to boost ETH/share over time | partnership with Consensys & institutional-grade custody gives them early insight & operational scale. $BTBT earnings takeaways: sold all Bitcoin & scaled ETH holdings to 121K | generating yield via native and liquid staking while winding down BTC mining | 74% stake in $WYFI provides potential non-dilutive capital to grow ETH over time | minimal details on $WYFI ops due to lock-up period expiring end of month. $GAME earnings takeaways: no change to ETH balance of 15,630 | still targeting 8–14% yields via Dialectic, NFT yield and Web3 opportunities | gaming growth will be back-end loaded, reaffirming path to positive EBITDA | plan to start releasing yield results at month end. Rough day for the group despite DJI boomer index notching ATH. Month-to-date, all except $ATNF and $BMNR have underperformed ETH. With half of the group trading at or below mNAV, feels like we’re close to bottoming. If it’s any consolation, $MSTR and $MTPLF have underperformed BTC during same period. Volumes decline a 4th day in a row at the time of writing.

$ATNF $BMNR $BTBT $BTCS $DYNX $FGF $FGNX $GAME $SBET Daily DAT Update (Thurs 8/14/25): $ATNF yesterday after close files 8-k noting the exercise of 2.4mm warrants w/ avg $2.50ish strike representing 1% of post-PIPE shares outstanding. Congrats to the lottery winners. This morning files prospectus for up to $500mm ATM, sending shares down 29% on $200mm volume. $BTCS out with earnings this morning. For the OG’s, Builder+ posts impressive comp up nearly 2x QoQ. Currently at 70,140 ETH (+112 from 7/28 update). $BTBT earnings at the close: Total rev $25.7mm (guide $24.3-$26.9mm). Cloud rev $16.6mm (guide $16.1-17.8mm). Currently at 121,076 ETH (+770 from 7/18 update). 6/30 hash of 1.2 eh/s, excluding the impact of 2,130 S21’s recently deployed (+0.4 eh/s) and 1,445 to be deployed (+0.3 eh/s). No ops update on $WYFI yet. Call tomorrow 10am ET. BTC ATH last night short-lived and further exacerbated by hot PPI. DAT volumes down slightly from yesterday but price action showing relative strength vs ETH. $SBET earnings tomorrow AM. Over/under on 1mm ETH?

$ATNF gee, wonder why they're all exercising their warrants?

$ATNF $BMNR $BTBT $BTCS $DYNX $FGF $FGNX $GAME $SBET Daily DAT Update (Wed 8/13/25): $FGNX f/k/a $FGF deploys $200mm from its private placement and now holds 47,331 ETH. Remember they have a fresh $4bn ATM, but it’s pretty much useless at $5mm ADTV. The good news is that they can always pivot back to peddling CBD meds if the DAT play doesn’t work out. ETH ATH’s within striking distance but most of the group gap-fill early morning pop until power-hour, which led a few higher into close. Volumes strong-ish at $9 billion, dominated by Thiel-backed $ATNF $BMNR which account for 84% of total. BMNR prints $6.5bn in vol but ends in the red, marking the end of a 6-day up-only tear.

$ATNF $BMNR $BTBT $BTCS $DYNX $GAME $SBET Daily DAT Update (Tues 8/12/25): $BMNR amends prospectus boosting allowable issuance from $2.5bn to $20.0bn. Netting the to-date issuance leaves over $20.5 bn of dry powder, which translates to 4.5mm ETH. IF @fundstrat and crew can buy this much ETH without spiking the underlying and/or tanking $BMNR share price, they would own just under their 5% target of outstanding ETH supply = Alchemy. Given the magnitude of the issuance and demand shock potential, it probably starts making sense to start kicking the tires on gently used copycat DATs trading at or below mNAV. $ATNF aka ETHZilla aka180 Life Sciences closes PIPE and convertible note deals. Currently holds 82,186 ETH ($3,807 cost basis) and $238mm in USD. Cap table has all kinds of hair so DYOR and don’t ask me where I get my share count. Inclusive of new equity (treasury method), ITM converts, options, strategic advisor warrants, subsequent strategic advisor warrants, pre-funded strike $0.001 warrants, and Clear Street shares gets me to 241mm fully diluted shares. After today’s move up over 3x, current mNAV is 6.3x (4.2x if treasury cash deployed). If that isn’t enough, 13G filing reveals Peter Thiel joins the cap table across two funds, owning 11.6mm shares. Sound familiar? Thiel also an investor in $BMNR, owning 5.1mm shares. Rinse, repeat, get rich. Diversify, too. $11.9 bn trades in third consecutive day of big volumes, helped by ETHZilla which notches $2.2bn in trading after closing PIPE/convert deals. $BMNR claws back from $54 pre-market after dropping revised $20bn prospectus to close +6% on $7.9bn in vol. 6 DATs now hold 2.4mm tokens, or about 1/3 of supply held by ETH. Only took 6 weeks.

ETH ETF's grew holdings from 4.6mm to 6.1mm in the last month (+53%). $ATNF $BMNR $BTBT $BTCS $DYNX $GAME $SBET ETH DATs grew holdings from 337k to 2.2mm during the same period (+560%). 7% of total supply.

$BMNR amending 7/24/25 prospectus to upsize issuance from $2.5bn to $20.0bn (not a typo). Big one.

$ATNF $BMNR $BTBT $BTCS $DYNX $GAME $SBET Daily DAT Update (Mon 8/11/25): $BMNR adds 317,126 tokens since last week, bringing total 1,150,263. No details on average ATM issuance price, but I’m estimating an extra ~32mm shares were issued at avg of $40/share (~12% of ADTV). I’m guessing ~$500mm is left under ATM so look for an updated prospectus this week. Stock trades well, although 'only' closing +16% vs intraday high of ~30%. Still holding 2.0x mNAV after today's treasury update. $SBET secures another $400mm via registered direct offering (+17.9mm shares), bringing total cash available to ~$600mm. Adds 76,861 tokens in the last week, bringing total to 598,800. Total assets include ~$2.5bn of ETH plus ~$600mm of cash after issuance closes. mNAV moves from 1.6x Fri to 1.2x today. Tough to top Friday’s option-fueled record trading volumes, but volumes beast again, notching >$11 billion (nearly ~2x Friday's). Market remains thirsty for ETH DATs, with $BMNR #6 and $SBET #21 overall.

$ATNF $BMNR $BTBT $BTCS $DYNX $FGF $GAME $SBET Daily DAT Update (Fri 8/8/25): $SBET updated prospectus with most recent share counts (yay). Don’t forget to add the pre-funded $0.0001 strike warrants . Stop asking why my share count doesn’t tie with Yahoo Finance. $FGF zombie-co chopped in half after filing a $5bn shelf. With recent volumes of $10mm per day and assuming aggressive ATM issuance of 10% ADTV, $FGF will complete its $5bn raise by… 2039. Volumes looking thick, solid & tight, with record $6.7bn trading hands ($BMNR accounting for $4.6BN WTF!). $BMNR +25% pulling away from the group, ending the week at 2.0x mNAV, up nearly half a turn WoW. ⚠️ Reminder: volumes = oxygen for DATs. Growth relies on issuance which relies on volumes.

$ATNF $BMNR $BTBT $BTCS $DYNX $GAME $SBET Daily DAT Update (Thurs 8/7/25): $WYFI launches IPO at $17, opens at $25, and closes at $16. Despite positive read-thru from other neoclouds ($NBIS +18% $CRWV +11%), ends up being sell-the-news event for $BTBT shareholders. Womp, womp. $SBET raises $200mm in fresh equity via direct offering from 4 investors at $19.50/share. Knee-jerk sell-off was scooped up, taking shares +6%. Net impact to mNAV unch at 1.6x. Highest volume day since 7/21. $4bn trades hands with $BMNR and $BTBT trading 2x 20d avg. ETHBTC hits 0.033 intraday (thanks Trump), marking highest level since Jan.