Long DATs, Short Futures: A New Wrinkle On The Basis Trade
The 'long DAT, short futures' trade is predicted to be a major 2026 strategy for capturing crypto yield while mitigating volatility.Summary
Chris Perkins of CoinFund argues that the 'long Digital Asset Treasury company (DAT) stock, short futures' trade will be the dominant strategy in 2026, extending beyond Bitcoin and Ether to encompass a wider range of altcoins.
DATs, typically public companies that use proceeds to buy crypto assets, serve as a bridge for traditional investors by offering tradable stock exposure to crypto, often maximizing token holdings per share to outperform the underlying asset (as seen with Michael Saylor's strategy). However, their volatility remains a barrier, and comprehensive regulated futures for most altcoins have historically been absent due to regulatory uncertainty, particularly under former SEC Chairman Gary Gensler.
The shift under the new Trump administration and SEC Chairman Paul Atkins, who views most tokens as non-securities, is clearing the path for broader futures contracts. A basis trade involves buying the asset (or DAT stock) and shorting the future to profit from the 'basis' difference, especially when futures are in contango. By shorting the futures corresponding to the DATs' crypto holdings, investors hedge price swings, pocketing the spread between the future price and the spot holdings. While risks exist, such as mNAV decreases or takeover bids, this regulated trade offers a way for Wall Street to capture crypto yield without direct custody or exposure to intense volatility.
(Source：CoinDesk)