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Author: Chris Perkins, Source: Coindesk, Compiler: Shaw Bitcoin Vision
The market is always looking for the next big trading opportunity.I think,There will be new changes in trading strategies in 2026. In traditional basis trading, investors will be long Digital Asset Treasury Company (DAT) and short futures..While experienced market participants have already generated positive returns from strategies that are long Bitcoin and Ethereum ETFs and short futures, this time,New variant of basis trading will cover DAT and expand to various cryptocurrency projects commonly referred to as “altcoins”.
Digital Asset Treasury (DAT) will usher in explosive growth in 2025.DATs are typically issued and sold by public companies, with the proceeds used to purchase specific crypto assets.In this way, they try to increase the number of crypto tokens per share.Therefore, for ordinary investors, DAT can be traded, managed and hedged like other stocks.This removes the operational complexity and regulatory uncertainty that traditional investors may encounter when managing native crypto assets.Because of this, DAT is becoming a bridge between the crypto market and traditional finance.
The power of DAT lies in its flexibility.These companies can employ a variety of money management and income strategies aimed at increasing their net asset value (mNAV).By maximizing the number of tokens held per share, DAT seeks to outperform the performance of its underlying token assets.Michael Saylor’s strategy is a successful example.From the time he started buying Bitcoin in 2020 to September 2025, its stock price soared 22 times, while the digital asset Bitcoin he accumulated during the same period only rose nearly 10 times.
However, volatility cuts both ways.Recent market volatility has caused some DAT prices to fall and net asset values to fall.Although the DAT structure is easy to operate and has clear regulations, it remains out of reach for many investors due to its volatility.To date, hedging options have remained limited as commodity futures trading for most tokens is restricted by U.S. Commodity Futures Trading Commission (CFTC) regulations.
The missing link: CFTC-regulated futures
In traditional markets, futures are contracts that allow investors to lock in the future price of an asset.Futures have played an important role in risk management for hundreds of years, providing institutions with a way to hedge risk exposure, speculate on price movements, and scale efficiently.However, within the cryptocurrency space, regulated futures only exist for a small subset of tokens, such as Bitcoin and Ethereum.
Former U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler is largely to blame for the lack of comprehensive coverage of the cryptocurrency futures market.During his tenure, he maintained that most crypto assets were securities.And futures are commodity derivatives, which would put them outside their jurisdiction.So Gensler suppressed the launch of cryptocurrency futures, depriving investors of an important risk management tool.
The world has changed.As the Trump administration aggressively pursues its agenda of making the United States the “global cryptocurrency capital,” new SEC Chairman Paul Atkins has made it clear through multiple public statements that “most crypto tokens are not securities.”
Futures are now in the spotlight as regulatory hurdles clear.These futures are not stand-alone products but rather gateways to broader market access.The SEC recently made it clear through its Common Listing Standards Guide that tokens with six-month futures trading records can more easily be listed as exchange-traded funds (ETFs), thereby attracting institutional capital and being accepted by the mainstream market.As the liquidity of cryptocurrency futures increases, the strategy of long DAT and short futures has become possible..
DAT basis trading
Basis trading means that investors buy an asset in the spot market and sell futures contracts on the same asset at the same time, aiming to profit from the price difference between the two (i.e., the “basis”)..”Contango” refers to a situation where futures prices are higher than spot prices.Basis trading strategies tend to be profitable in this market environment.
DAT holds, pledges and even re-pledges digital assets to obtain real on-chain returns.By purchasing shares of DAT, investors gain exposure to the cryptocurrency and its earnings.By shorting the cryptocurrency futures held by DAT, investors can hedge against price fluctuations in these assets.What remains is the spread between the token futures price and DAT spot holdings.When DAT trades below its mNAV, or when the futures price of the token (or “total return” token futures that include staking proceeds) is higher than the spot price of the cryptocurrency held by DAT, investors can earn stable and relatively neutral returns.While it is difficult to predict the size of the basis, the difference may be more significant for altcoins than other assets, resulting in higher returns for investors.
The advantages are obvious.When mNAV is rising and futures are in contango, DAT basis trading can deliver substantial returns.However, as with all strategies, there are many risks and downside scenarios.Perhaps the most obvious risk is a sharp decline in net asset value, with losses on the equity portion not fully offset by futures hedges.Additionally, DAT, which trades below mNAV, could become an obvious acquisition target.While an acquisition could recoup losses by restoring mNAV, the acquirer may move to other asset classes, causing the deal to unwind.
For those investors who are sensitive to these risks, ETFs designed to keep mNAV stable may have advantages over DATs when executing regulated basis trades.But futures products covering a wider range of alternative ETFs and underlying assets are just beginning to come online.Therefore, during this period, the bridge role provided by DAT is crucial, helping traditional investors understand the various possibilities after cryptocurrency investment becomes normalized.
As regulated futures proliferate across cryptocurrencies, a long DAT, short futures trading strategy could become an ideal way for Wall Street to capture cryptocurrency gains, without having to touch a wallet or endure the wild swings that characterize cryptocurrencies as an asset class.I think by 2026,This will be the best trading strategy of the year.
