Dat Longevity Hinges On Avoiding ‘mnav Roller Coaster’: Solmate CEO

“Pure play” digital asset treasury companies will have to contend with volatility tied to the net asset value of their token holdings if they don’t build successful business ventures.

The rise of digital asset treasury (DAT) companies will go down as a meta-narrative of 2025, but the longevity of the movement will be decided by capital management and sound business strategies.

According to Solmate CEO Marco Santori, all DATs have to contend with the value of the underlying token they hold on their balance sheets. This shouldn’t be a problem for revenue-generating businesses, but pure-play DATs will be in for a bumpy ride.

The Solana DAT space might be the most competitive out there (besides Bitcoin 😏).But what differentiates them? The amount of $SOL they hold? mNAV? Yield on staking? Diversified business?@msantoriESQ from @Solmate gave one of the best explainers I've heard - "I don't want to… pic.twitter.com/7bMCr46d78

“The multiple-to-net-asset value (mNAV) is how a lot of these treasury companies survive. If they’re trading at a high mNAV, meaning their market cap is bigger than the value of the coins they have on the balance sheet, then they can sell stock in an accretive way,” Santori said on Cointelegraph’s Chain Reaction X show.

“Every dollar of stock they sell, they take that and go out and buy the underlying coin with, and that increases their net asset value. So long as they can maintain the premium, they can just keep doing that. And that is the pure play treasury model. I actually think that has a future.”

Related: Sports group Brera pivots to crypto, rebrands with $300M for SOL treasury

But the issue is that mNAV will dwindle when the interest in the underlying token of a DAT wanes. Santori explained that falling token prices result in lower mNAVs.

“That means a lot of the treasury companies are kind of idle because they can’t grow efficiently and effectively. I didn’t want to be subject to that. I didn’t want that for our investors. I want to give them exposure to SOL and to the growth of the Solana network, but I didn’t want them riding an mNAV roller coaster,” Santori said.

Solmate is among a handful of major Solana-based DATs that have attracted significant capital in 2025. Santori, who initially helped DeFi Development Fund establish its Solana (SOL) DAT, took learnings away from that “pure-play” approach before steering the ship as CEO of Solmate.

Source: CoinTelegraph