Эксперт Bitwise призывает криптоказначейства развивать сложные стратегии или рискуют остаться позади в гонке ETF Translation: Bitwise Expert Urges Crypto Treasuries to Develop Complex Strategies or Risk Falling Behind in the ETF Race

Companies holding crypto assets on their balance sheets (DAT) must adopt advanced strategies or risk losing out to ETFs, cautioned Bitwise’s Chief Investment Officer Matt Hougan.

*“Acquiring cryptocurrencies and placing them on balance sheets is no longer challenging. While it was difficult in the past, that’s not the case anymore. If DATs rely solely on this strategy, users would be better off investing through exchange-traded funds,”* he explained.

The same applies to firms offering staking services, according to the expert. ETFs have already incorporated such features, including Bitwise, which recently introduced an investment product enabling coin locking for rewards.

The firm’s ETF based on Solana has already attracted $282 million, marking positive inflows for seven consecutive trading sessions.

Hougan emphasized that to create additional value, crypto treasuries need to embrace sophisticated strategies such as participation in DeFi, smart loans, and options trading.

*“Not all these ideas are necessarily sound, and not every company will manage to execute them successfully. They are complex, but with proper execution, there is a chance to be rewarded for the efforts. DATs opting for the easy route of merely buying and holding crypto assets will end up trading at a discount to their actual value,”* he added.

Many experts concur with Hougan’s viewpoint. Researcher Artemis, known as Mario S., pointed out the significance of transparency and systematic approaches.

*“They could consider selling covered calls when implied volatility surpasses a certain percentage, or issue shares when mNAV exceeds a predetermined level. […] The more systematic and transparent this approach is, the better it will be. Investors will be able to conduct comparative analysis of DATs alongside spot ETFs and other instruments,”* he noted.

Another Artemis analyst using the pseudonym Anthony added that strategy should vary according to the asset. He mentioned that within Bitcoin’s ecosystem, promising strategies could include finding ways to generate revenue or attract capital through short-term methods, such as issuing preferred shares.

*“Regarding Ethereum and Solana, I believe that success will heavily depend on how effectively the management teams of these treasuries can integrate into the DeFi ecosystem and creatively generate income beyond simple staking,”* he stressed.

As an example of an efficient crypto treasury, Hougan cited Strategy, which utilizes debt instruments to increase positions.

*“Attempting to raise $60 billion in equity to buy Bitcoin through a corporate structure is truly a daunting task,”* the expert emphasized.

At the time of writing, Michael Saylor’s company oversees 641,205 BTC valued at over $66 billion. The firm is recognized as the world’s largest corporate holder of the leading cryptocurrency.

In total, 207 firms have adopted a strategy for accumulating digital gold.

Seventy companies have added Ethereum to their balance sheets, collectively accumulating 6.14 million ETH worth $20.7 billion (5% of the total supply of the cryptocurrency).

Additionally, ten companies have included Solana in their reserves, managing 15,998 SOL valued at $2.5 billion (2.8% of the total coin supply).

Some are also accumulating BNB, Chainlink, Dogecoin, Hyperliquid, Sui, and many other assets.

It is worth noting that in early November, the DAT company Sequans sold 970 BTC to settle debt, leading to a 16% drop in its stock price.