VivoPower International’s evolving “digital asset treasury” blueprint took center stage in New York this week. That’s because Adam Treidman, the company’s advisory board chairman and former Ripple board member, has sketched out a strategy he calls “DAT 2.0” or “anti-DAT” to accumulate XRP at a deep discount while simultaneously extracting on-chain yield.
Speaking at the XRP Meetup NYC ahead of Ripple’s Swell conference, and in remarks shared via a clip from X’s Crypto Eri (@sentosumosaba), Tradesman claimed that the publicly traded “digital asset treasury companies” that boomed earlier this year are now trading like the boom and bust of mutual funds in the early 2000s.
“In the last 60 days or so, we’ve actually seen some bankruptcies of digital asset treasury companies. A lot of stocks are down 80%, 90%. It’s reminiscent of what we saw in the early 2000s…Initially, they were trading at much higher prices than their net asset value. And then they ended up completely collapsing. And those companies are no longer publicly traded. To be completely honest, the same thing is happening with DAT companies. Now.”
According to a former @Ripple board member, DAT is collapsing.
VIVOPOWER is buying $XRP exposure at 84% off by purchasing @Ripple stock.
With the new Ripple $40 billion valuation, the discount on XRP is effectively 59% off.
Here we explain the VivoPower strategy:… pic.twitter.com/ypSrGAgRsC
— 🌸Cryptoeri ~ Carpe Diem (@sentosumosaba) November 12, 2025
XRP Treasury Company 2.0
The solution, he said, is a second-generation mechanism that instead of paying token spots, acquires the underlying exposure at a discount. “What we’re doing at VivoPower, and what I’m thinking about going forward, is this kind of second-generation DAT. I call it a DAT 2.0 strategy. Some people call it an anti-DAT strategy. It’s not buying net assets at spot prices, but buying net assets at deep discounts.”
He used Bitcoin to illustrate how insane the “80% off” entry really is. Mining may lower unit prices by 20-30%, but not 80%. “How can I buy Bitcoin today for 80% off? You can’t do that… You might mine it… Then you might get it at 20%, 30% off by mining… But how on earth do you get it at 80% off?”
For VivoPower, the answer has to do with Ripple. As Treidman notes, there is a unique connection between private companies and crypto assets, making it possible to earn discounts through corporate financing structures rather than through exchange purchases. “There are 25 million cryptocurrencies on coinmarketcap.com. Only one is tied to a private company that is significantly undervalued in terms of stock price. That’s XRP, thanks to Ripple, right? And that’s the opportunity we’re capitalizing on.”
This is the central order of operation in his statement. First, it obtains XRP exposure at a claimed “84% off” through a mechanism centered around Ripple stock and associated look-through economics. The resulting XRP is then operated on the yield network. Flare is explicitly in the second step. “And we’re working with partners like Flare to generate revenue from those XRP assets. So you’re essentially buying XRP at 84% off and investing it in a network like Flare to generate revenue.”
Tradesman also noted why the model does not rely on markets assigning premiums to operating companies, highlighting the sequence of first discount acquisitions related to Ripple and then yield generation through flaring. “So this is like a DAT 1.0 plus a 2.0 strategy, right? So companies in this model don’t even have to trade at a premium to MNAV, like Saylor’s MicroStrategy, because by default they’re profitable from day one. T plus one second, every dollar invested in us earns a currency return, right? It is only available if you can buy the net worth at a discount.”
At the time of writing, XRP was trading at $2.44.
Featured image created with DALL.E, chart on TradingView.com
