按周付息优先股续命，DAT时代是否就此落幕？

Odaily Planet Daily News, June 3rd – Bitmine, the Ethereum treasury company under Tom Lee, announced plans to publicly issue 9.50% perpetual preferred stock to raise $300 million, with dividends paid in cash weekly. Previously, at the end of May, Strategy sold Bitcoin for the first time in four years—32 BTC, approximately $2.5 million—to pay preferred stock dividends. The news triggered a selloff: Bitcoin fell below $65,000, dropping over 14% in two trading sessions.

Both incidents point to a common dilemma for DAT companies: after the mNAV (Market cap / Net Asset Value in crypto, i.e., how much the market is willing to pay for each dollar of a company's crypto holdings) fell below 1, the equity offering channel effectively closed. Dividends and debt represent fixed expenditures, forcing companies to sell crypto to meet obligations, further exacerbating selling pressure—creating a downward spiral. Currently, the mNAV for Strategy and Bitmine stands at 0.82 and 0.80, respectively.

Researchers at SoSoValue believe the funding side of this Bitcoin cycle has been driven by two engines in sequence: first, DAT companies borrowing to buy crypto, followed by sustained net inflows into spot ETFs. Now, both engines have stalled simultaneously. Data from SoSoValue's ETF dashboard and crypto stock dashboard shows that Bitcoin spot ETFs have seen net outflows for 12 consecutive days, totaling nearly $4 billion; Ethereum spot ETFs have experienced outflows for 16 consecutive days, totaling approximately $800 million. Meanwhile, the DAT camp, led by Strategy and Bitmine, has collectively fallen below mNAV. With both major sources of incremental funding drying up, it remains to be seen whether the crisis facing DAT companies constitutes the bottom of this crypto cycle.