Мэтт Хоуган из Bitwise: Компании должны адаптироваться к новым стратегиям в управлении криптоактивами, иначе рискуют потерять конкурентоспособность Headline: Matt Hougan from Bitwise: Companies Must Adapt to New Strategies in Crypto Asset Management or Risk Losing Competitiveness

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

*“Acquiring cryptocurrencies and placing them on balance sheets is no longer a complicated task. Once it was challenging, but that’s not the case anymore. If DAT only rely on this strategy, users would be better off investing through exchange-traded funds,”* he explained.

The same applies to companies that offer staking, as ETFs have already incorporated this functionality. Bitwise, for instance, introduced an investment product at the end of October that features a coin-locking element for earning rewards.

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

Hougan emphasized that in order to create additional value, crypto treasury firms need to explore complex strategies such as participation in DeFi, smart lending, and options trading.

*“Not all these ideas are necessarily good, and not everyone will be able to execute them successfully. They are complex, but if carried out well, there is a chance to reap rewards for the effort. DATs that choose the easier route by simply buying and holding crypto assets will trade at a discount to their value,”* he added.

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

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

Another analyst from Artemis, using the pseudonym Anthony, added that strategies should depend on the asset. In his view, for Bitcoin’s ecosystem, a promising avenue could be exploring revenue generation or capital raising through short-term methods, like issuing preferred stock.

*“For Ethereum and Solana, in my opinion, the key to success will be how well the management teams of these treasuries can effectively integrate into the DeFi ecosystem and creatively generate income beyond simple staking,”* he emphasized.

As an example of an effective crypto treasury, Hougan cited Strategy, which employs debt instruments to bolster its positions.

*“Trying to raise $60 billion of equity to buy Bitcoin through a corporate structure is truly challenging,”* the expert stressed.

At the time of writing, the company led by Michael Saylor manages 641,205 BTC valued at over $66 billion, making it the largest corporate holder of the first cryptocurrency in the world.

A total of 207 companies have joined the strategy of accumulating digital gold.

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

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

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

It’s worth noting that at the beginning of November, the DAT company Sequans sold 970 BTC to settle a debt, causing its shares to plummet by 16%.