SCHEDULE 13G: Tenor Capital Discloses 8.3% Passive Stake in Digital Asset Acquisition Corp.

Tenor Capital Management Company, L.P., along with its related entities, has disclosed a passive 8.3% beneficial ownership stake in Digital Asset Acquisition Corp.'s Class A ordinary shares.

Summary

• Tenor Capital Management Company, L.P., Tenor Opportunity Master Fund, Ltd., and Robin Shah collectively reported beneficial ownership of 1,250,000 Class A ordinary shares of Digital Asset Acquisition Corp.
• This ownership represents 8.3% of the Class A ordinary shares outstanding, based on 15,000,000 Units issued and outstanding as stated in the Issuer's Prospectus filed on April 30, 2025.
• The shares are held in the form of Units, where each Unit consists of one Class A ordinary share and one-half of one redeemable warrant.
• Tenor Capital Management Company, L.P. serves as the investment manager to Tenor Opportunity Master Fund, Ltd., which directly holds the Units.
• Robin Shah is the managing member of Tenor Management GP, LLC, the general partner of Tenor Capital, establishing shared voting and dispositive power among the reporting persons.
• The reporting persons certified that the securities were not acquired and are not held for the purpose or effect of changing or influencing the control of the issuer.

Sentiment

Score: 6

Explanation: The sentiment is slightly positive. While the filing itself is a factual disclosure, the emergence of a new significant institutional investor (Tenor Capital) holding an 8.3% stake can be interpreted by the market as a positive signal or vote of confidence in the company's prospects, even if the intent is passive.

Positives

• The disclosure of a significant 8.3% stake by an institutional investor group (Tenor Capital Management Company, L.P., Tenor Opportunity Master Fund, Ltd., and Robin Shah) can be viewed as a vote of confidence in Digital Asset Acquisition Corp.

Risks

• The reporting persons disclaim beneficial ownership of the shares except to the extent of their pecuniary interest therein, indicating a passive investment strategy without intent to control the issuer.

Future Outlook

The document does not provide any forward-looking statements or guidance regarding Digital Asset Acquisition Corp.'s future operations or financial performance, as it is a beneficial ownership disclosure.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."

Industry Context

Digital Asset Acquisition Corp. is structured as a Special Purpose Acquisition Company (SPAC), indicated by 'Acquisition Corp.' in its name and the issuance of 'Units' (shares plus warrants). The name suggests a focus on the digital asset sector, a growing area for SPAC mergers and acquisitions. The filing of a Schedule 13G indicates a significant passive investment by an institutional fund, a common occurrence in the SPAC lifecycle as institutional investors take positions.

Stakeholder Impact

• Shareholders: The disclosure of a new significant institutional investor may be viewed positively, potentially increasing investor confidence and liquidity.
• Management: Awareness of a new large shareholder, though passive, may influence strategic considerations.

Key Dates

Keywords

Digital Asset Acquisition Corp, Schedule 13G, beneficial ownership, Class A ordinary shares, Tenor Capital Management Company, Tenor Opportunity Master Fund, Robin Shah, SPAC, investment disclosure