Bitwise CIO Matt Hougan says only Digital Asset Treasuries that "do hard things" -- such as using debt, derivatives, or structured finance -- deserve to trade above their net asset value. As mNAV ratios collapse across the DAT sector, he warns that passive firms will be punished by investors.The post Bitwise CIO Matt Hougan: "Good DATs Do Hard Things -- Bad DATs Get Punished" appeared first on BeInCrypto.