Bitwise CEO: Most digital asset financial companies may eventually transform into operating companies Bitwise CEO Hunter Horsley shared that due to factors like insufficient liquidity, expenses, and risks, most digital asset financial companies (DATs) will trade at a discount. Only exceptional companies that can enhance the value of crypto assets per share will trade at a premium. Most DATs will eventually transform into operating companies—in the process, they are likely to acquire and integrate some of the many small crypto companies that are still privately held. Digital asset management companies are still in the early stages of determining their future direction.