Crypto Treasuries: Are They Just Lazy? Find Out What They’re REALLY Doing!

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Matt Hougan, Bitwise’s chief investment officer, has come forward with a daring revelation: if digital asset treasuries (DATs) want to rise above the monotony of the crypto crowd, they need to start doing something hard. Because, let’s face it, just hoarding crypto like it’s some kind of treasure chest isn’t exactly groundbreaking these days. If that’s your strategy, well, you’re better off buying an ETF instead.

In a bold post on X (yes, that’s what Twitter’s called now, don’t ask), Hougan dropped this gem: “Buying a crypto asset and sticking it on a balance sheet today? Not exactly hard. Sure, it was once a challenge, but it’s as easy as pie now.” He added, “If that’s all a DAT does, just buy and hold, you might as well just buy into an ETF. Even if the DAT is staking, ETFs do that now too.” Well, well, well… all that talk about “innovative” crypto treasury strategies, huh? 😏

And just in case you’re wondering, Bitwise didn’t just talk the talk-they walked the walk, launching a variety of ETFs tied to crypto, including a Solana (SOL) ETF offering staking. But who are we kidding? These guys are definitely not taking the easy route.

Crypto Treasuries

Key Factors to Watch in a DAT

So, how does one determine whether a DAT is worth its salt? According to Hougan, the key question is: “Are they doing something hard?” He suggests DATs can make a real name for themselves by diving into the DeFi ecosystem, participating in smart loans, and trying income-generating strategies like writing covered calls against crypto.

But wait! Not all of these ideas are genius, and let’s not pretend every DAT will pull them off with grace. But they aren’t trivial, folks. If executed well, they could yield real rewards. Hougan is a realist, after all. 📉

“On the flip side, DATs that take the lazy route-just buying crypto and holding-will see their assets trade at a discount. Simple as that.”

Strategy: A Crypto Treasury Worth Watching

Enter Michael Saylor’s infamous Bitcoin-hoarding company, MicroStrategy. Now there’s a DAT that’s doing something hard. MicroStrategy is the undisputed heavyweight champion of crypto treasuries, sitting on a staggering 641,205 Bitcoin (BTC), worth a mind-boggling $66 billion. And no, that isn’t some typo, that’s how you make waves in crypto.

MicroStrategy Bitcoin

As Hougan points out, MicroStrategy owns $64 billion worth of Bitcoin, against just $8 billion in debt. They’re even issuing debt to leverage that position. Try raising $56 billion in equity capital to buy Bitcoin debt-free. Good luck with that! 😏

“When you’ve got $56 billion in Bitcoin equity, you can pull off some cool tricks. Like selling convertible debt and preferred shares to buy more Bitcoin. In certain market conditions, this strategy could even let you trade at a premium.”

DAT’s Stock Gains: Here Today, Gone Tomorrow

It’s not all sunshine and rainbows in the world of crypto treasuries. Bitwise recently reported that 48 new companies added Bitcoin to their balance sheets this October, bringing the total to 207 companies. Collectively, they’re holding over 1 million Bitcoin, valued at over $101 billion. Sounds impressive, right? But here’s the twist: many question if these companies are just jumping on the crypto bandwagon for PR stunts to boost their stock prices. Classic. 🙄

According to a report from CoinGecko, DAT stocks do enjoy a brief surge in the first 10 days after their crypto pivot. But don’t get too excited-those gains often fizzle out fast, with stocks tanking soon after. So, the moral of the story? Don’t get too attached to those short-lived pumps.

In the end, DATs are just companies. Some will thrive by doing hard things and doing them well. Others will try to take the easy route and fail spectacularly. It’s as simple as that. In the world of crypto treasuries, those who execute poorly will be punished, and those who rise above the rest? Well, they’ll be rewarded. Time will tell. ⏳

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2025-11-06 04:41