DATs Struggle to Maintain Crypto Value
Update: 2025-11-24
Description
Matt Hougan, Bitwises CIO, discusses digital asset treasury companies (DATs), suggesting most will struggle to maintain prices above their actual crypto holdings. He outlines a model showing DATs as fixed entities, with predictable forces pushing prices below holdings and limited methods to increase crypto per share. Hougan attributes lower valuations to illiquidity, expenses, and risk, with only a few strategies potentially offsetting these structural drags. This discussion comes as sentiment around DATs shifts, with ETFs emerging as a simpler way to gain crypto exposure.
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