SATS trading under the NAV of its 646 BTC is textbook closed-end fund arbitrage — GBTC ran this exact pattern at a ~50% discount until the ETF conversion closed it. Pantera pulling the activist cord on their own 6.7% position means the $300M they deployed across DATs is getting triaged, not defended. Watch for in-kind BTC redemption vs forced open-market sales: the former is price-neutral, the latter cascades into every sub-NAV DAT on the London and Tokyo tapes.

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