Bitwise’s Matt Hougan Reveals Why Most Crypto Treasury Firms Should Actually Trade at a Discount
Bitwise’s Matt Hougan believes that larger DATs gain major advantages in debt markets, lending capacity, derivatives access, and M&A opportunities.
Bitwise Chief Investment Officer Matt Hougan outlined a valuation framework for digital asset treasury companies (DATs) and said that analysis of the sector often misunderstands how these firms should be priced relative to the assets they hold.
In a series of posts, Hougan said the core question for valuing any DAT is to consider what the company would be worth if it had a fixed lifespan.
Illiquidity, Expenses, and Risk
He explained that a Bitcoin-focused DAT announcing a same-day shutdown and distribution of its holdings…
