Bitwise CIO: It is incorrect to evaluate DAT companies using mNAV, and market trends will diverge in the future

ChainCatcher news, Bitwise Chief Investment Officer Matt Hougan stated that it is incorrect to evaluate DAT companies using mNAV, because this valuation method does not take into account the lifecycle of listed companies. "Suppose you have a bitcoin DAT that announces it will close this afternoon and distribute bitcoin to investors. Its trading price will be exactly equal to the value of its bitcoin (mNAV of 1.0)."

Matt Hougan analyzed that there are three main reasons for DATs trading at a discount: insufficient liquidity, high fees, and high risk. There is only one reason for DATs trading at a premium (limited to the United States): whether it increases the per-share value of the cryptocurrency. Most of the reasons for DATs trading at a discount are certain, while most of the reasons for them trading at a premium are uncertain. Therefore, most DATs will trade at a discount, with only a few exceptions trading at a premium.

In the past six months, the price movements of DATs have been basically consistent. Looking ahead, their price differences will become more pronounced. A few DATs will perform well and trade at a premium, while many DATs will perform poorly and trade at a discount.