Matt Hougan, Chief Investment Officer at Bitwise, stated this Sunday on X that most digital asset treasury (DAT) companies will trade at a discount to the value of their crypto holdings, according to his analysis published on the social network. Hougan cited illiquidity, operating expenses, and execution risks as unavoidable structural pressures.
The executive detailed that only strategies such as issuing debt, lending tokens, or using options can counter this discount, but they introduce new risks. Hougan noted that even well-managed DATs face increasing difficulties maintaining premiums through market cycles.
The comment comes as analysts like Nate Geraci from The ETF Institute label spot ETFs as “DAT killers” arguing they offer cleaner and more efficient exposure without the structural discounts affecting treasury companies.
Source: Matt Hougan’s analysis on X
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