This would not surprise me, especially for those without an edge in sourcing inventory (so ETH, BTC, maybe SOL DATs). Unless they have some sort of cost structure advantage, they’ll need to differentiate from each other, and this is one strategy some may wish to try.
SS
SS19 tuntia sitten
smth i could see happening in the near future is DATs continue issuing equity below NAV to keep up accumulation, hoping that underlying appreciation bails out the poor capital allocation decision, getting outsize rewarded for it in a rally, and setting a bad precedent going fwd where they try to infinitely issue into a bear
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