Bitwise CIO Matt Hougan has stated that only Digital Asset Treasuries (DATs) employing complex, value-adding strategies should trade at a premium. Hougan emphasized that merely holding crypto assets is insufficient for a market premium, as evidenced by the recent alignment of most DATs' market net asset values (mNAVs) to 1.0. He cited MicroStrategy as a firm that effectively uses corporate financing to accumulate Bitcoin, providing it with a competitive edge. Hougan cautioned that DATs with passive strategies might face trading discounts, amid a market recalibration highlighted by a significant drop in DAT mNAVs reported by Artemis.