Bitwise Chief Funding Officer Matt Hougan has weighed in on the rising debate over Digital Asset Treasuries (DATs). He argues that solely corporations executing advanced, value-adding crypto methods need to commerce at a premium.
The feedback come amid a pointy revaluation within the DAT sector. Most companies’ market internet asset values (mNAVs) have converged towards 1.0.
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Matt Hougan Says Solely “Hard” DATs Deserve Market Premiums
Hougan defined that some DATs ought to commerce at or above their NAV, whereas others ought to commerce at or under their NAV. In his opinion, the easiest way to inform which DATs are value listening to is to ask: Are they doing one thing laborious?
1/ Lots of people have requested me what I consider DATS. My view: Some DATs ought to commerce above NAV and others ought to commerce under NAV.
A thread on learn how to inform the distinction.
— Matt Hougan (@Matt_Hougan) November 5, 2025
Hougan distinguishes corporations that purchase and maintain crypto property and people who actively construct monetary buildings or strategic fashions round their holdings.
“Buying a crypto asset and putting it on a balance sheet today isn’t hard,” he mentioned, including that ETFs now supply staking choices that replicate the identical publicity with decrease friction.
He singled out MicroStrategy (now Technique) because the standout instance of a DAT executing a tough however rewarding technique.
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MicroStrategy already owns $66.22 billion of Bitcoin in opposition to $8 billion of debt, and it’s issuing debt in opposition to that place.
MicroStrategy BTC Holdings Towards mNAV. Supply: Bitcoin Treasuries
Hougan notes that it’s difficult to lift that a lot in fairness capital to purchase Bitcoin in a company construction, significantly when debt-free.
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Why “Doing Hard Things” Could Outline the Subsequent Section of DAT Survival
In line with the Bitwise govt, this means to leverage company financing instruments, resembling convertible debt or most popular shares, to build up extra Bitcoin provides MicroStrategy a structural benefit that may justify its market premium below sure circumstances.
“There are other interesting things DATs can do that are hard,” he added, pointing to methods like writing lined calls, taking part rigorously in DeFi, or making sensible loans. “These aren’t all necessarily good ideas, and not everyone will do them well. But they are not trivial, and if done well, there is a chance they will be rewarded.”
Against this, Hougan warned that DATs taking the “lazy approach” of merely holding a crypto asset will possible commerce at a reduction to their underlying holdings.
“In the end, DATs are just companies,” he mentioned. “Good companies get rewarded for doing hard things well over time. Bad companies that execute poorly or try to take the easy route to riches get punished.”
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Hougan’s remarks come because the DAT sector faces rising scrutiny following a collapse in market premiums. On-chain knowledge platform Artemis reported this week that the mNAV of DAT companies, which measures market capitalization relative to digital asset worth, has fallen sharply, with ratios that after exceeded 25 now converging towards 1.0.
The recalibration follows BeInCrypto’s earlier report that Metaplanet’s mNAV slipped under parity to 0.99 regardless of sturdy income progress.
Metaplanet has since recovered, however the broader pattern displays the market’s shift towards extra cautious valuations.
Towards this backdrop, Hougan articulates that DATs should show their operational edge to justify investor confidence. In a tightening market, doing laborious issues may outline which digital asset companies survive.
