Money-losing distillery now deciding its core competency is in holding tokens. I am surprised to see Andreeson in this. They had seemed to have antibodies to the DAT bubble. I have not reviewed the details yet, so maybe something makes this different

Question: Does a DAT with a money-losing business command the same valuation as a DAT with a clean slate (like a SPAC)? Surely there’s some winding down costs or payables as overhang. Or even possible litigation risks from past activities.