Bitwise CEO Hunter Horsley has suggested that most digital asset finance companies (DATs) may eventually evolve into operational companies. Horsley highlighted that due to challenges such as insufficient liquidity, high costs, and risks, many DATs are likely to trade at a discount. Only those companies capable of enhancing the value of each crypto asset will trade at a premium. He also noted that as these companies transform, they may acquire and integrate smaller, privately held crypto firms. The digital asset management sector is still in the early stages of determining its future path.