Geoff Kendrick 在研报中表示，mNAV 低于 1 意味着数字资产资金库（DAT）可能无法持续增持底层资产。目前 DAT 持有全网 4.0% 的 BTC、3.1% 的 ETH 和 0.8% 的 SOL，其成败对币价具有重大影响。他预计投资者将根据 DAT 的现金募集能力、资金库规模及持币收益能力进行分化。
基于 ETH 和 SOL 可通过质押产生收益的特性，肯德里克认为其 DAT 的 mNAV 将高于比特币 DAT。他特别看好以太坊 DAT 的发展，因其在纳斯达克可能要求公司事先获得股东批准才能建立加密资金库的新规前已确立优势。“ETH DAT 可持续性最高，预计将继续保持收购节奏，”他强调，“BitMine、Sharplink 和 The Ether Machine 都至关重要，仅质押收益就应为 ETH DAT 的 mNAV 贡献 0.6 点。”
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