Most Crypto Treasury Firms Trade at a Discount — Here’s Why

Bitwise Chief Investment Officer Matt Hougan argues that most Digital Asset Treasury Companies (DATs) are mispriced, typically trading at a discount to their net asset value (mNAV). He attributes this discount primarily to three factors: illiquidity, operational expenses and compensation, and inherent market or execution risks. Conversely, some DATs can trade at a premium by actively increasing their crypto-per-share through strategies like issuing debt to buy crypto, lending assets, using derivatives, or acquiring undervalued crypto. Hougan suggests that scale provides a structural advantage, enabling larger firms to better access debt and M&A opportunities. He predicts that the DAT market will diverge, with premium performers executing well on growth strategies and discount firms struggling with costs or scale, urging investors to use his framework to assess fair value.

(Source：BeInCrypto)