PANews reported on November 24th that Bitwise CEO Hunter Horsley stated in an article on X that due to factors such as insufficient liquidity, costs, and risks, most digital asset finance companies (DATs) will trade at a discount, while only those exceptional companies that can increase the value of each crypto asset will trade at a premium. Most DATs will eventually transform into operating companies—in which case they will likely acquire and integrate some of the many small crypto companies that are currently still privately held. Digital asset management companies are still in the early stages of exploring their future direction.