Digital Asset Treasuries (DATs) are no longer “hold-and-hope” vehicles—they’re operational, data-driven machines where definitions, disclosures, and design choices move prices.

This is the 12th episode of MEV Space, which brings together the sharpest minds in crypto to dissect the evolving MEV landscape and beyond.

In this episode, we answer questions like:

* Which single disclosure would actually close a DAT’s mNAV discount?

* If real-time attestations invite front-running, what cadence keeps data honest without feeding predators?

* When dashboards disagree, whose “reality” should investors and DAOs trust?

Why this episode matters

DATs sit at the intersection of public markets, on-chain execution, and governance. We surface the uncomfortable bits—fees vs. revenue, mNAV vs. “ETH per share,” real ops vs. balance-sheet cosplay—and then offer concrete fixes you can ship next quarter.

What you’ll hear

* Danning Sui (Head of Researcher, Pantera) on getting past vanity metrics: clean revenue definitions, ETH-per-share growth, and why self-reported, real-time data needs guardrails against HFT/MEV gaming.

* Jake Koch-Gallup (Researcher, Messari) on moving from TVL theater to near-real-time attestations of positions/strategy/yields—and why culture and retention often lead the numbers.

* Charles Allen (CEO, BTCS) on valuation that prices operations & management (validators, builders) and why “cards-up poker” disclosure can harm shareholders if cadence/materiality are wrong.

* Benjamin Hunter (VP Engineering, BTCS) on how tokenization-level transparency will expose dilutive deals and discipline financing games.

Myths we puncture

* “Fees = revenue.” Not across venues or wrappers.

* “Active addresses = users.” Bots and incentives wreck that shortcut.

* “Real-time disclosure is always good.” Not if it turns your balance sheet into an attack surface.

* “DATs converge to MNAV by magic.” Without redemption or differentiation, some stay stuck.

The fix kit (steal this)

* Public schemas for standardized revenue and per-share metrics.

* Inclusion receipts (builder-side telemetry) to make neutrality auditable.

* Attestation cadence (not necessarily “real-time”) that’s reproducible, provable, and hard to game.

* Deployment visibility: where assets sit in DeFi, why, and at what yield.

Listen, then act

After the episode, publish one metric by default next quarter (definition + refresh rate), retire one misleading KPI, and sketch a 4-field public schema your org will maintain. That’s how “nice charts” become accountable decisions.

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Wonder if you have any misconceptions about MEV? Download our latest free e-book: MEV Myth Busters – From Microstructures to Macro Impacts.

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This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit eigenphi.substack.com