Bitwise Chief Investment Officer Matt Hougan has stated that the majority of digital asset treasury companies are expected to trade at a discount. Hougan attributes this trend to factors such as illiquidity, high expenses, and inherent risks associated with these assets. He further noted that only those companies that can effectively increase their crypto-per-share value will likely trade at a premium. This suggests a selective market environment where only exceptional firms with strong performance metrics will stand out positively.