The comments come as the DAT sector goes through something akin to an existential crisis. Most firms’ market net asset values (mNAVs) have converged toward the incredibly “exciting” value of 1.0, because who doesn’t love a market where everyone is barely keeping their heads above water?
At present, XRP trades at $2.33, a rise of 4% in the past day, having found solace at the lower Bollinger Band. The week past hath seen it oscillate between $2.12 and $2.58, yet it remains 9.6% below its weekly peak and a full 22% beneath its monthly high. ‘Tis still a far cry from its July zenith of $3.65, a summit now but a distant memory. 🏔️
This addition, a veritable mountain in the landscape of its portfolio, constitutes 20.54% of Brown’s $169.07 million in reportable U.S. equity holdings as of September 30, 2025. A curious alchemy, indeed, where academia and the market’s caprices intertwine.
This revelation was disclosed in the quarterly feasting on numbers that funds must present to the U.S. Securities and Exchange Commission (SEC). Shift4 Payments, which had been absent from the menu before, has now made a rather grand entry, and it’s hard not to raise a curious eyebrow at this bold move.
The $159.34 million stake, disclosed in a November 3, 2025 SEC filing, is a signal as loud as a foghorn in a vacuum. For context, that’s roughly the cost of buying every chair in Hong Kong twice over, assuming chairs still exist in 2025. The fund’s top five holdings now read like a menu from a high-stakes poker game: SUPX, NVDA, ETHA, GOOGL, and ETHU. One wonders if the fund’s portfolio manager spends their evenings staring at a dartboard covered in stock tickers, muttering, “Well, it’s either this or another night of existential dread.”
In a bold post on X (yes, that’s what Twitter’s called now, don’t ask), Hougan dropped this gem: “Buying a crypto asset and sticking it on a balance sheet today? Not exactly hard. Sure, it was once a challenge, but it’s as easy as pie now.” He added, “If that’s all a DAT does, just buy and hold, you might as well just buy into an ETF. Even if the DAT is staking, ETFs do that now too.” Well, well, well… all that talk about “innovative” crypto treasury strategies, huh? 😏
Nope. The indicators are a bit late to the party and continue to show bearish confidence-or should I say bear strength?-sitting around unhappy that the downward trend might even reach $2, or plummet to the depths of $1.61. 📉
Indeed, dear reader! Justin’s public wallets show he now holds $534 million in Ethereum (mostly staked as STETH) and a mere $519 million in TRX. Who would have thought? His own creation seems to be taking a backseat in his portfolio. 😂
On November 4, like a thief in the night, the firm slyly submitted the filing to the U.S. Securities and Exchange Commission (SEC), laying out a trust structure that will hold XRP in the cold embrace of Coinbase Trust, with the CME CF XRP-USD benchmark to set the pricing. The cherry on top? A meager 0.19% sponsor fee, waived for the first $5 billion in assets under management – at least until May 2026. 🍒
Lawmakers, always one step behind (or so they’d like us to think), are now calling for a more modest version of the plan. Some even argue that the digital euro is simply duplicating what the market’s already doing. Meanwhile, the EU’s crypto regulations? Oh, they might accidentally help out the good ol’ U.S. of A. in the process. Can’t make this stuff up, folks.
