Bitwise CIO: Evaluating DAT Company using mNAV is not correct, and a divergence in trends will appear in the future.

BlockBeats news, on November 24, Bitwise Chief Investment Officer Matt Hougan stated that evaluating DAT companies based on mNAV is incorrect because this valuation method does not consider the lifecycle of listed companies. “Assuming you have a Bitcoin DAT that announces it will close this afternoon and distribute Bitcoin to investors. Its trading price will exactly equal the value of its Bitcoin (mNAV is 1.0).” Matt Hougan analyzed that there are three main reasons for the discount in DAT trading prices: insufficient liquidity, high fees, and high risks. The reason for DAT's premium is only one (limited to the U.S.): whether it has increased the value of cryptocurrency per share. Most reasons for DAT's discounted trading are certain, while most reasons for their potential premium trading are uncertain. Therefore, most DATs will trade at a discount, with only a few exceptional companies trading at a premium. Over the past six months, the price fluctuations of DAT have been basically consistent. Looking ahead, their price differences will become more prominent. A few DATs perform well with price premiums, while many DATs perform poorly with price discounts.