According to @CoinMarketCap, Bitwise CIO Matt Hougan said most digital asset treasury companies will ultimately trade below the value of their crypto holdings because of token illiquidity, corporate expenses, and inherent business risk, signaling a persistent discount to NAV for such equities (source: CoinMarketCap). For traders, this implies potential underperformance of crypto treasury stocks versus their underlying tokens when liquidity is thin or operating costs are high, aligning with Hougan’s rationale as reported by CoinMarketCap (source: CoinMarketCap). Monitoring token liquidity, corporate expense run-rates, and risk premiums is critical for pricing these NAV discounts, per Hougan’s view shared via CoinMarketCap (source: CoinMarketCap).

According to Matt Hougan, there is widespread misanalysis of digital asset treasury companies (DATs), particularly on whether they should trade at, above, or below the market value of the assets they hold, or mNAV, and he outlines his approach to this premium/discount question in a new X thread. Source: Matt Hougan on X, Nov 23, 2025.