Digital Asset Treasuries (DATs) are evolving – fast. Colin Farrell (Senior Manager, Institutional Coverage) is joined by Ravi Doshi (Global Co-Head of Markets) to break down what’s driving the next phase of the DAT trade: from BTC and ETH to SOL and long-tail altcoins. The pair explores why some treasuries are still outperforming despite broader mNAV compression, how options markets can supercharge liquidity, and why the next frontier may be M&A as NAV discounts widen.