Only “Hard” DATs Deserve Premiums, Bitwise CIO Matt Hougan

The post Only “Hard” DATs Deserve Premiums, Bitwise CIO Matt Hougan appeared com. Bitwise Chief Investment Officer Matt Hougan has weighed in on the growing debate over Digital Asset Treasuries (DATs). He argues that only companies executing complex, value-adding crypto strategies deserve to trade at a premium. The comments come amid a sharp revaluation in the DAT sector. Most firms’ market net asset values (mNAVs) have converged toward 1. 0. Sponsored Matt Hougan Says Only “Hard” DATs Deserve Market Premiums Hougan explained that some DATs should trade at or above their NAV, while others should trade at or below their NAV. In his opinion, the best way to tell which DATs are worth paying attention to is to ask: Are they doing something hard? 1/ A lot of people have asked me what I think of DATS. My view: Some DATs should trade above NAV and others should trade below NAV. A thread on how to tell the difference. Matt Hougan (@Matt_Hougan) November 5, 2025 Hougan distinguishes companies that buy and hold crypto assets and those that actively build financial structures or strategic models around their holdings. “Buying a crypto asset and putting it on a balance sheet today isn’t hard,” he said, adding that ETFs now offer staking options that replicate the same exposure with lower friction. He singled out MicroStrategy (now Strategy) as the standout example of a DAT executing a difficult but rewarding strategy. Sponsored MicroStrategy already owns $66. 22 billion of Bitcoin against $8 billion of debt, and it is issuing debt against that position. MicroStrategy BTC Holdings Against mNAV. Sponsored Why “Doing Hard Things” May Define the Next Phase of DAT Survival According to the Bitwise executive, this ability to leverage corporate financing.