Investment & Market Trends - Crypto's latest Wall Street play involves altcoin DATs (Digital Asset Trusts) [1] - Discussion revolves around StablecoinX buying $ENA and the demand for these wrappers [1] - The debate questions whether this demand is real or another bubble [1] - Some DATs are trading at eye-popping premiums [1] Company Strategy & Structure - Ethena collaborated with a team launching an ENA corporate treasury company [1] - Exploration of ways to structure public crypto treasury vehicles [1] - Dragonfly backed TLGY but skipped other Bitcoin, ETH, or SOL plays [1] - The structure of these public vehicles shapes their value [1] Risk & Opportunity - Consideration of whether treasury vehicles are just a flashy wrapper for vaporware [1] - Assessment of whether this trend is legitimate or just another bubble waiting to pop [1]