Bitwise CEO Hunter Horsley shared his outlook on Digital Asset Treasury companies (DATs), predicting a shift where most will evolve into operating companies. He suggests that purely holding assets often results in trading at a discount due to liquidity constraints and administrative costs. Horsley argues that only companies capable of actively increasing the per-share value of their crypto holdings will command a premium in the market. This view aligns with a growing trend of corporate consolidation in the sector as firms seek to justify their valuations. The commentary suggests a maturing market where simple beta exposure via corporate shells may no longer satisfy investor demands compared to value-accretive operations.