Bitwise CIO Presents Valuation Framework for Digital Asset Treasury Companies

Matt Hougan, Chief Investment Officer at Bitwise, has outlined a valuation framework for digital asset treasury companies, arguing most should trade below net asset value. He identified illiquidity, operational expenses, and execution risk as key discount factors. Only firms consistently increasing crypto-per-share through debt issuance, lending, derivatives, or discounted acquisitions can justify premium valuations, according to Hougan.