According to @adriannewman21, DATs should price at a discount to spot, or at best at par, because additional layers and opacity versus the underlying asset warrant cheaper pricing for the product (source: @adriannewman21 on X). According to @adriannewman21, this discount dynamic should be especially relevant for BTC and ETH DATs due to access considerations, guiding traders to anchor expectations to spot and anticipate potential NAV discounts (source: @adriannewman21 on X).