Bitcoin Falls Below $85K Amidst 'mNAV Rollercoaster' for DATs: Finance Redefined

Market Trends: Cryptocurrency markets faced a downturn, with Bitcoin dropping over 5% to a low of $84,398 before recovering slightly. Investor activity is slowing as the holiday season approaches.

Regulatory Developments: The SEC concluded its four-year investigation into Aave, allowing the platform's founder to announce a 2026 "master plan" focused on scaling and achieving $1 billion in real-world asset deposits.

Digital Asset Treasury Challenges: Solmate CEO Marco Santori highlighted the volatility risks for digital asset treasury companies, emphasizing the importance of capital management to avoid the "mNAV roller coaster" that can threaten their sustainability.

Tokenized Securities Guidance: The SEC provided clarity on how broker-dealers can custody tokenized stocks and bonds under existing customer protection rules, indicating that these assets will be integrated into traditional securities frameworks rather than treated as a separate category.