The markets are always looking for the next big deal. In 2026, I think the trade will be a new wrinkle to the traditional basis trades where investors go long Digital Asset Treasurys (DATs) and short futures. While sophisticated market participants have been driving positive returns with the long ETF, short futures strategy for bitcoin and ether, a new variation of the base trade will this time include DATs and span the wide range of crypto projects commonly known as “alts.”
Digital Asset Treasuries (DATs) had their breakout year in 2025. Public companies typically issue and sell public shares and use the proceeds to buy a dedicated crypto asset. By doing so, they try to increase their crypto tokens per stock. So for the typical investor, DATs can be traded, held and hedged just like any other stock. This eliminates the operational complexity or regulatory uncertainty for traditional investors who are uncomfortable managing native cryptoassets. For this reason, DATs are emerging as a bridge between crypto markets and traditional finance.
What makes DATs particularly powerful is their flexibility. These companies can implement a wide variety of treasury and yield strategies with the goal of increasing their multiple to net asset value, or “mNAV.” By maximizing token ownership on a per share basis, DATs seek to outperform their underlying token. A successful example is Michael Saylor’s strategy, which saw its share price rise 22x since it began buying bitcoin in TKYEAR through September 2025, while the digital asset it accumulates, bitcoin, appreciated nearly 10x over the same period.
But volatility works both ways. Recent market movements have seen some DATs fall and mNAVs fall. Even with the operational ease and regulatory clarity offered by the structure, many DATs remain out of reach for many investors due to their volatility. Until now, hedging opportunities have been limited due to restrictions on Commodity Futures Trading Commission (CFTC)-regulated futures for the preponderance of tokens.
The Missing Link: CFTC-Regulated Futures
In traditional markets, futures are contracts that let investors lock in the future price of an asset. For centuries, futures have played an important role in risk management, providing institutions with a way to hedge exposure, speculate on price movements, and scale efficiently. In crypto, however, regulated futures only exist for only a small subset of tokens, like bitcoin and ether.
The absence of comprehensive crypto futures can be largely blamed on former SEC Chairman Gary Gensler. During his tenure, Chairman Gensler claimed that most crypto assets were securities. Futures are derivatives on commodities which would have placed them outside his jurisdiction and control. So Gensler suppressed their launch, depriving investors of important risk management tools.
The world has changed. As US President Donald Trump’s administration aggressively pursues its agenda to make the US the “crypto capital of the planet,” new SEC Chairman Paul Atkins has made it abundantly clear through several public statements that “most crypto tokens are not securities.”
With this regulatory hurdle cleared, futures are now in the spotlight. These futures are not just stand-alone products – they are a gateway to wider market access. Through its General Guidance on Listing Standards, the SEC recently clarified that tokens with six-month futures trading can more easily be listed as ETFs, opening the door to institutional capital and mainstream adoption. And as crypto futures become liquid, the long DAT, short futures strategy becomes possible.
DAT Basishandelen
A basis trade is when an investor buys an asset on the spot market and simultaneously sells a futures contract on the same asset with the aim of profiting from the price difference – or “basis” – between the two. “Contango” is when future prices are higher than spot. Under these market conditions, basic trading strategies tend to be profitable.
DATs hold, deploy, and even recreate digital assets, earning real onchain dividends. By purchasing their shares, investors gain exposure to that cryptocurrency and its dividends. By shorting the corresponding futures of the DATs’ crypto holdings, investors hedge against price fluctuations in these assets. What remains is the spread between the future price of the token versus the spot inventory of DAT. When a DAT trades below its net asset value, or when the future price of the token (or “total return” token, which is a future that includes stake returns) is higher than the DAT’s spot crypto holdings, investors get a steady, relatively market-neutral return. Although it is difficult to project the size of the basis, for alts, the differences can be more pronounced than other assets – leading to a higher return for the investor.
The advantage is clear. When mNAVs rise and futures are in contango, the DAT basis trade can generate compelling returns. But like all strategies, there are many risks and downside scenarios. Perhaps the most obvious is a scenario where mNAV falls precipitously and losses on the equity leg are not fully offset by the futures hedge. DATs that trade at a discount to NAV can also become obvious takeover targets. While this could wipe out losses by restoring mNAV, the acquirers could pivot to another asset class, necessitating the unwinding of the deal.
For those sensitive to these risks, ETFs where the mNAVs are designed to hold steady at level may be preferred over DATs when it comes to executing a regulated basis trade. But comprehensive everything ETFs, along with futures in the underlying asset, are just starting to come online. So, in the meantime, the bridge offered by DATs plays an important role in educating traditional investors about the opportunities as crypto investing becomes normalized.
As regulated futures spread across everything, long DAT, short futures trading could become an ideal way for Wall Street to capture crypto dividends without touching a wallet or suffering the intense volatility that defines crypto as an asset class. In 2026, I think it will be the subject of the year.
