Another potentially cool thing about listing DATs on Figure's ATS... Let's assume that the DAT has a probability of trading above, at and below NAV. Further, assume trading premiums (discounts) to NAV are +10%, 0% and -10% and represent 25%, 50% and 25% future likelihood, respectively. This is where listing on Figure's ATS becomes interesting. Listing on the ATS allows the ability for the DAT to tender shares for its crypto holdings. That should keep price at par - if it trades below par, the manager can tender shares until the price pulls back to par. This eliminates the -10% outcome. Ignoring risk tolerance, the DAT should actually trade at a premium, as it's forward premiums are 0% (some probability greater than 50%) and +10% (some probability at least 25%). If you're running a DAT and you're trading at a discount to NAV, DM me.