Introducing a proprietary 'MBTI'-framework to understand the #DATCOs (Digital Asset Treasury companies) capital formation choices into one profile. It answers these 4 questions for foundations looking to launch #DATs: How much? In what form? From where? With what instruments?
Looking across key DAT launches this year, no matter what instruments were used, it basically introduces capital in 3 stages: initial (PIPE or pre-funded warrants), future (warrants), and long-term (shelf registration and ATM offering), and each can be funded with cash/crypto:
This can be extrapolated into a 4-dimensional framework similar to the 'MBTI' personality test with the following parameters:
Just as an individual's MBTI - Different DATs have different ‘personalities’
ESTJ archetype (#STSS example): External + Substantial + Token + Present → activation-led growth; accepts dilution for speed/impact. Use when you need momentum + community now. Traded at/above NAV briefly—accretive windows opened; now hovering near parity.
ISTJ archetype (#TRON example): Internal + Substantial + Token + Present → control + impact + utility; high-conviction treasury build. Use for high-conviction builds that require control and pace. Sustained, outsized premium to NAV—the strongest mNAV profile of the set.
ESFP archetype (#TLGY example): External + Substantial + Fiat + Present → accessibility & velocity; maximizes cash to go to market fast. Use for GTMI blitz + scale-up (people, inventory). Short premium window for fiat raise, then mean-reverted toward NAV—execution must carry it.
ENFP archetype (#NA example): External + Nominal + Fiat + Present → activation with lighter footprint; tests narrative, keeps options open. Use to test narrative without heavy dilution. Launched below NAV—needs visible treasury/activation to close the gap before follow-on.
How to use MBTI in practice:
- Pick letters that match your governance & optics goals.
- Sanity-check against dilution, utility, liquidity.
- Set a P/J cadence playbook so the flywheel can run.
What do you think of the analysis? Speak to me if you'd like to launch a DAT.
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