Why Most Crypto Treasury Firms Are Trading at a Discount: A New Valuation Framework

Bitwise’s Matt Hougan unveils a new valuation framework for digital asset treasury companies (DATs), arguing that current market pricing often misunderstands how these firms should be valued. Hougan proposes a ‘fixed lifespan’ approach, asking what the company would be worth if it had a defined end date. Analyzing DAT valuations under this hypothetical scenario reveals why most are trading at a discount.