The DAT market today reminds me a lot of the Bitcoin mining space in 2020–2021.
Back then, everyone was rushing to go public. Analysts didn’t quite know how to price the businesses, cost to mine was a similar metric that was all over the place on calculation--similar to MNAV now. There was excitement, confusion, fatigue.
But just like in mining, the companies that ultimately stood out weren’t always necessarily the loudest—they were the ones that executed. They built real businesses, stuck to their strategy (pivoting when they needed to), and kept showing progress quarter after quarter.
DATs will follow a similar path. Companies aren’t built overnight—it takes time, discipline, and a team that can execute through market cycles.