Provider economics, normalized. Realized outcomes, sourced.
DAT Provider Research assembles bounded, source-linked evidence packs for public-company management, Board and counsel processes reviewing digital-asset treasury provider relationships.
What the evidence pack covers
Current economics
- Provider role and current agreement structure
- Same-role public comparables
- Fee denominator and payment mechanics
- Actual disclosed expense
- Equity and warrant economics
Governance & outcomes
- Related-party, ownership and Board relationship facts
- Term, renewal and termination mechanics
- Fee reductions, disputes and amendments
- Realized exits, internalizations and replacements
- Explicit non-comparability and source map
Method
We do not collapse unlike provider roles into a single “market rate.”
Public sources only
Primary filings, agreements, issuer disclosures and other attributable public materials are linked back to source.
Bounded output
One provider/agreement family, a small same-role comparator set and contextual realized-outcome controls.
Public mini-sample
Forum Markets / Electric Treasury Edge — realized provider exit
Public filings disclose a provider relationship with:
- 2% annual NAV management fee
- $2 million annual minimum fee
- Five-year initial term
- Early-exit economics tied to remaining compensation
- May 2026 termination
- $1.5 million June 2026 payment satisfying outstanding fees/expenses plus an agreed portion of liquidated damages
Sources: Asset Management Agreement · June 2026 filing
What it is not
- No legal advice
- No investment advice
- No fairness or arm's-length opinion
- No provider selection, retention or termination recommendation
- No securities valuation
- No audit certification
Founding validation scope
One bounded provider/agreement family · up to five primary same-role public comparables · up to three contextual or realized-outcome controls · one source-linked evidence pack.