Money Stuff: The Podcast · Friday, August 14, 2026
Boaz Weinstein expresses caution regarding Digital Asset Treasury Companies (DATs), citing concerns about potential dilutive share issuances below NAV and the possibility of excessive executive compensation. He contrasts this with closed-end funds, which have regulatory protections against dilutive offerings.
“And I think one of the issues for us with DATS which we don't have with closed end funds. And you know, again, if someone can educate us or BDCs, I was going to say, you're always worried about as an activist, if you wanted to actually be an activist, that they're going to do something really deluded, you know, like effectively a poison pill.”
“And I don't believe that it is impossible. It may not be easy. I don't believe it's impossible for a DAT to issue shares way below NEV maybe even, you know, well below the share the price that's trading at to a select group of investors. And now if they issued it to everyone, you tay ok, I can get my proative portion, but I would hate to buy something at a thirty five percent discount ANDV find that they issue a lot of shares at fifty to a select group, and now I've been deluded.”