The post A New Wrinkle On The Basis Trade appeared on BitcoinEthereumNews.com.

Markets are always hunting for the next big trade. In 2026, I believe the trade will be a new wrinkle on the traditional basis trades where investors go long Digital Asset Treasury companies (DATs), and short futures. While sophisticated market participants have driven positive returns with the long ETF, short futures strategy for bitcoin and ether, this time, a new variation of the basis trade will include DATs and extend across the broad array of crypto projects that are commonly known as “alts”. Digital Asset Treasuries (DATs) had their breakout year in 2025. Typically public companies, DATs issue and sell public shares, and use proceeds to buy a dedicated crypto asset. In doing so, they attempt to increase their crypto tokens per share. So, for the typical investor, DATs can be traded, custodied and hedged just like any other stock. This eliminates the operational complexity or regulatory uncertainty for traditional investors who are uncomfortable managing native crypto assets. For this reason, DATs are emerging as a bridge between crypto markets and traditional finance. What makes DATs especially powerful is their flexibility. These companies can deploy a wide array of treasury and yield strategies with an aim to increase their multiple to net asset value, or “mNAV”. By maximizing token ownership on a per share basis, DATs seek to outperform their underlying token. One successful example is Michael Saylor’s Strategy, which saw its stock price surge 22x since it began buying bitcoin in TKYEAR through September of 2025, while the digital asset it accumulates, bitcoin, appreciated nearly 10x over the same period. But, volatility works in both directions. Recent market moves have seen some DATs retrench and mNAVs have fallen. Even with the operational ease and regulatory clarity offered by the structure, many DATs remain out of reach for many investors…

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Filed under: News - @ November 8, 2025 6:25 pm