Kendrick said that an mNAV above 1 is essential for DATs to expand their holdings, while values below that threshold signal weaker balance sheets and potential consolidation.
Kendrick said the current downturn may create opportunities for differentiation rather than signaling the end of the sector.
Factors such as access to low-cost funding, scale advantages, and yield from staking or DeFi are expected to separate stronger players from weaker ones.
