According to @VanessaGrellet_, the key capital-markets shift is the rise of Digital Asset Treasury (DAT) companies—public vehicles holding BTC, ETH, SOL and ecosystem tokens at scale, source: @VanessaGrellet_ on X. According to @VanessaGrellet_, the "Merger Playbook" focuses on converting discounts in these public holdings into alpha through M&A-driven strategies, signaling event-driven setups for traders tracking DAT discounts and deal catalysts, source: @VanessaGrellet_ on X.

According to @VanessaGrellet_, liquidity in crypto is harmed by fragmentation across providers, while consolidation leads to stronger outcomes for market depth and execution conditions. According to @VanessaGrellet_, Digital Asset Treasury (DAT) companies are emerging as the next institutional layer of crypto markets, signaling a structural shift in how liquidity and treasury operations are organized.