{"id":90726,"date":"2025-11-06T14:40:05","date_gmt":"2025-11-06T11:40:05","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=90726"},"modified":"2025-11-06T14:46:53","modified_gmt":"2025-11-06T11:46:53","slug":"bitwise-cio-says-crypto-treasuries-risk-irrelevance-without-complex-strategies","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitwise-cio-says-crypto-treasuries-risk-irrelevance-without-complex-strategies\/","title":{"rendered":"Bitwise CIO says crypto treasuries risk irrelevance without complex strategies"},"content":{"rendered":"<p>Companies with digital-asset treasuries (DATs) need to adopt more sophisticated strategies or risk losing out to <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-cryptocurrency-etf\">ETFs<\/a> for good, Bitwise chief investment officer Matt Hougan said.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">1\/ A lot of people have asked me what I think of DATS. My view: Some DATs should trade above NAV and others should trade below NAV. <\/p>\n<p>A thread on how to tell the difference.<\/p>\n<p>\u2014 Matt Hougan (@Matt_Hougan) <a href=\"https:\/\/twitter.com\/Matt_Hougan\/status\/1986153820997718239?ref_src=twsrc%5Etfw\">November 5, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cBuying cryptocurrencies and putting them on balance sheets is not hard. It used to be hard, but it isn\u2019t anymore. If DATs limit themselves to that strategy, users are better off investing through exchange-traded funds,\u201d he explained.<\/em><\/p>\n<\/blockquote>\n<p>According to the expert, the same goes for companies offering <a href=\"https:\/\/forklog.com\/en\/news\/what-is-staking-and-how-to-make-money-from-it\">staking<\/a>. ETFs have already incorporated this feature \u2014 including Bitwise, which in late October <a href=\"https:\/\/forklog.com\/en\/news\/bitwise-launches-sol-etf-on-nyse\">unveiled<\/a> an investment product with coin-locking for rewards.<\/p>\n<p>The firm\u2019s <a href=\"https:\/\/forklog.com\/en\/news\/what-is-solana-sol\">Solana<\/a>-based ETF has already gathered $282 million. Net inflows have been positive for seven straight trading sessions.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-373615c64a472284-8821701047664156-1024x576.png\" alt=\"image\" class=\"wp-image-269089\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-373615c64a472284-8821701047664156-1024x576.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-373615c64a472284-8821701047664156-300x169.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-373615c64a472284-8821701047664156-768x432.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-373615c64a472284-8821701047664156-1536x864.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/img-373615c64a472284-8821701047664156.png 1824w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Net flows into the Solana ETF. Source: <a href=\"https:\/\/sosovalue.com\/assets\/etf\/us-sol-spot\">SoSoValue<\/a>.<\/figcaption><\/figure>\n<p>Hougan stressed that to create additional value, crypto treasuries should master more complex strategies such as participating in <a href=\"https:\/\/forklog.com\/en\/news\/what-is-decentralised-finance-defi\">DeFi<\/a>, smart lending and options trading.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cNot all of these ideas are necessarily good, and not everyone will be able to execute them successfully. They are complicated, but, if done well, there is a chance to be rewarded for the effort. DATs that take the easy road by simply buying and holding a cryptoasset will trade at a discount to its value,\u201d he added.<\/em><\/p>\n<\/blockquote>\n<p>Many experts agreed with Hougan. Mario S., a researcher at Artemis, also pointed to the importance of transparency and systematisation.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Great thread. Even better if the DATs are transparent about it. Sell covered calls when IV is >x%. Issue equity when mNAV is above y turns. The more systematic the better, and allows investors to evaluate DATs against spot, ETFs, futures, and the rest of the ecosystem.<\/p>\n<p>\u2014 Mario S. (@covered_call) <a href=\"https:\/\/twitter.com\/covered_call\/status\/1986213189944811573?ref_src=twsrc%5Etfw\">November 5, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cThey could sell covered calls when implied volatility exceeds a certain percentage, or issue equity when mNAV is above a set level. [\u2026] The more systematic and transparent the approach, the better. Investors will be able to evaluate DATs against spot ETFs and other instruments,\u201d he noted.<\/em><\/p>\n<\/blockquote>\n<p>Another Artemis analyst, Anthony, <a href=\"https:\/\/x.com\/0xintforbitcoin\/status\/1986211354760400969\">added<\/a> that strategy should depend on the asset. In bitcoin\u2019s case, he said, a promising line would be to find ways to generate income or raise capital using non-debt methods \u2014 for example through preferred-share issuance.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cAs for Ethereum and Solana, in my view the key determinant of success will be the ability of the treasury management teams to integrate effectively into the DeFi ecosystem and to generate income creatively beyond simple staking,\u201d he also stressed.<\/em><\/p>\n<\/blockquote>\n<h2 class=\"wp-block-heading\">A benchmark for crypto treasuries<\/h2>\n<p>As an example of effective crypto-treasury management, Hougan cited Strategy, which uses debt instruments to expand its positions.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cTry to raise $60 billion of equity capital to buy bitcoin through a corporate structure \u2014 now that is genuinely difficult,\u201d the expert emphasised.<\/em><\/p>\n<\/blockquote>\n<p>At the time of writing, the company led by <a href=\"https:\/\/forklog.com\/en\/news\/michael-saylor-the-microstrategy-founders-biography-and-views\">Michael Saylor<\/a> holds 641,205 BTC worth more than $66 billion. The firm is the world\u2019s largest corporate holder of the first cryptocurrency.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"342\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-c82c4d3653dc1607-8821792578166792-1024x342.png\" alt=\"image\" class=\"wp-image-269090\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-c82c4d3653dc1607-8821792578166792-1024x342.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-c82c4d3653dc1607-8821792578166792-300x100.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-c82c4d3653dc1607-8821792578166792-768x256.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-c82c4d3653dc1607-8821792578166792-1536x513.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/img-c82c4d3653dc1607-8821792578166792.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Top-10 public-company bitcoin holders. Source: <a href=\"https:\/\/bitcointreasuries.net\/\">BitcoinTreasuries<\/a>.<\/figcaption><\/figure>\n<p>In total, 207 companies have adopted a digital-gold accumulation strategy.<\/p>\n<p>Seventy firms have added Ethereum to their balance sheets. Together they hold 6.14 million ETH worth $20.7 billion (5% of the cryptocurrency\u2019s total supply).<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"288\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-2e678c8b47b34de4-8821805379644578-1024x288.png\" alt=\"image\" class=\"wp-image-269091\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-2e678c8b47b34de4-8821805379644578-1024x288.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-2e678c8b47b34de4-8821805379644578-300x84.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-2e678c8b47b34de4-8821805379644578-768x216.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-2e678c8b47b34de4-8821805379644578-1536x431.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/img-2e678c8b47b34de4-8821805379644578.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Top-10 public-company Ethereum holders. Source: <a href=\"https:\/\/www.strategicethreserve.xyz\/\">Strategic ETH Reserve<\/a>.<\/figcaption><\/figure>\n<p>Another ten companies have included Solana in their reserves. They manage 15,998 SOL worth $2.5 billion (2.8% of the coin\u2019s total supply).<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"378\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-e2634c868f68cc65-8821818630960150-1024x378.png\" alt=\"image\" class=\"wp-image-269092\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-e2634c868f68cc65-8821818630960150-1024x378.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-e2634c868f68cc65-8821818630960150-300x111.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-e2634c868f68cc65-8821818630960150-768x283.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-e2634c868f68cc65-8821818630960150-1536x566.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/img-e2634c868f68cc65-8821818630960150.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Top-10 public-company Solana holders. Source: <a href=\"https:\/\/www.coingecko.com\/en\/treasuries\/solana\">CoinGecko<\/a>.<\/figcaption><\/figure>\n<p>Some are also accumulating BNB, <a href=\"https:\/\/forklog.com\/en\/news\/what-is-chainlink-link\">Chainlink<\/a>, Dogecoin, <a href=\"https:\/\/forklog.com\/en\/news\/the-price-of-popularity-and-a-lesson-for-all-hyperliquid\">Hyperliquid<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/sui-an-ambitious-blockchain-and-cryptocurrency-from-meta-alumni\">Sui<\/a> and many other assets.<\/p>\n<p>In early November, the DAT firm Sequans <a href=\"https:\/\/forklog.com\/en\/news\/dat-firm-sequans-sells-970-btc-to-reduce-debt-amid-bitcoin-slide\">sold<\/a> 970 BTC to repay debt. The company\u2019s shares fell 16% on the news.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>DATs must adopt more complex strategies or risk losing out to ETFs, Bitwise CIO Matt Hougan said.<\/p>\n","protected":false},"author":1,"featured_media":90727,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Bitwise CIO: DATs need complex strategies or ETFs will win.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,949,569,46,1473],"class_list":["post-90726","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-bitwise","tag-etf","tag-ethereum","tag-reserve-currencies"],"aioseo_notices":[],"amp_enabled":true,"views":"91","promo_type":"1","layout_type":"1","short_excerpt":"Bitwise CIO: DATs need complex strategies or ETFs will win.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/90726","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=90726"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/90726\/revisions"}],"predecessor-version":[{"id":90728,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/90726\/revisions\/90728"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/90727"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=90726"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=90726"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=90726"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}