Matt Hougan, director of investments at Bitwise, has identified three critical factors for evaluating companies with crypto treasuries. As the market sees a rise in firms managing Bitcoin, Ether, and Solana treasuries, Hougan emphasizes the importance of the mNAV (market net asset value) ratio. This metric compares a company's market cap to the market value of its crypto holdings, revealing that many firms trade at a discount due to issues like illiquidity and regulatory challenges. Hougan also outlines four strategies for companies to achieve a premium valuation: issuing debt to acquire more crypto, lending their holdings, utilizing derivatives, and purchasing discounted assets. He notes that larger firms are better positioned to implement these strategies effectively, potentially enhancing their market valuation.