DAT longevity hinges on avoiding ‘mNAV roller coaster’: Solmate CEO
Digital asset treasury (DAT) companies are emerging as a major trend in 2025, with their long-term success dependent on effective capital management and solid business models. DATs face volatility tied to the market value of the tokens on their balance sheets. While revenue-generating DATs may be insulated, pure-play DATs experience greater risk, especially when market interest in their tokens declines, lowering their multiple-to-net-asset-value (mNAV). High mNAV enables these companies to issue stock and reinvest funds to grow their treasury, but this strategy falters when token demand wanes. To address this, Solmate, led by Marco Santori, is focusing on building high-performance infrastructure, particularly bare-metal validator services for Solana’s ecosystem. This model leverages dedicated hardware to offer low-latency access to exchanges—a valuable service for hedge funds. Validator operations generate income that is reinvested into acquiring more SOL, creating a growth cycle. Solmate recently expanded via acquiring RockawayX’s validator, liquidity, venture, and credit operations, reaching over $2 billion in assets under management.
