X @Zhu Su

DAT Issuers' Strategy - Most DAT issuers, excluding Saylor, are likely to be sellers below mnav, as hard assets raised into the company effectively belong to them [1] - DAT issuers may trigger cascades among their own DAT holders to repurchase from them, essentially scalping against their own placement investors [1] Potential Market Manipulation - The scenario suggests a potential "Player versus Player" (PvP) dynamic where DAT issuers could profit by exploiting their own investors [1]