The financial world, especially the crypto corner, always has its eyes peeled for the next clever play. For 2026, I hear a quiet buzz about a fresh take on an old favorite: the basis trade. This time, it involves going long on something called Digital Asset Treasury companies, or DATs, while simultaneously shorting futures contracts.
- A new basis trade strategy is emerging for 2026, focusing on Digital Asset Treasury companies (DATs) and futures contracts. This strategy aims to profit from the price difference between DATs and their underlying crypto assets.
- DATs offer traditional investors a way to gain exposure to crypto assets and their yields without directly managing them, acting as a bridge between traditional finance and crypto markets.
- The recent regulatory shift, with most crypto tokens being deemed not securities, has paved the way for more regulated futures contracts, making the long DAT, short futures strategy a viable option for institutional investors.
You might remember the earlier versions of this strategy. Smart money made good returns by buying Bitcoin or Ether ETFs and shorting their futures. But this new twist broadens the scope. We are talking about DATs and a whole universe of other crypto projects, the ones folks often call “alts.”
DATs really hit their stride in 2025. Think of them as public companies. They sell shares to the public, then use that money to buy a specific crypto asset. Their goal is simple: increase the number of crypto tokens they hold for each share of their stock.
For a typical investor, this means you can trade, custody, and hedge DATs just like any other stock. It sidesteps the fiddly bits of managing native crypto assets, which can feel like a headache for traditional investors. In this way, DATs are building a sturdy bridge between the fast-paced crypto markets and the more established world of traditional finance.
What makes DATs particularly interesting is their flexibility. These companies can use all sorts of treasury and yield strategies. They want to boost their multiple to net asset value, or mNAV. By owning more tokens per share, they aim to beat the performance of the underlying token itself.
Michael Saylor’s Strategy offers a good example. His company’s stock price soared 22 times from TKYEAR through September of 2025. The digital asset it collected, Bitcoin, grew nearly 10 times over that same stretch. That is quite a difference, isn’t it?
But markets can be a fickle beast. Volatility cuts both ways. Recent market shifts have seen some DATs pull back, and their mNAVs have slipped. Even with the ease of use and clearer rules they offer, many DATs remain a bit out of reach for some investors. Their price swings are just too wild.
Hedging options have been scarce, too. This is largely because of limits on Commodity Futures Trading Commission (CFTC) regulated futures. Most tokens simply did not have them.
The Missing Piece: Regulated Futures
In traditional finance, futures contracts are old news. They let investors lock in an asset’s future price. For centuries, these contracts have helped institutions manage risk. They hedge exposure, bet on price moves, and scale their operations efficiently. In crypto, however, regulated futures have been a rare bird, found only for Bitcoin and Ether.
The lack of widespread crypto futures can be traced back to former SEC Chairman Gary Gensler. During his time, Chair Gensler insisted that most crypto assets were securities. Futures are derivatives on commodities, which would have put them outside his control. So, he held back their launch, denying investors important tools for managing risk.
The landscape has shifted dramatically. President Trump’s administration is pushing hard to make the U.S. the “crypto capital of the planet.” New SEC Chairman Paul Atkins has made his position very clear. He has stated in numerous public statements that “most crypto tokens are not securities.”
With this regulatory hurdle now behind us, futures are suddenly front and center. These futures are not just products on their own. They are a gateway to wider market participation. The SEC recently offered generic listing standards guidance. It clarified that tokens with six months of futures trading can more easily become ETFs. This opens the floodgates for institutional money and broader adoption. And as crypto futures become liquid, the long DAT, short futures strategy becomes a real possibility.
Understanding the DAT Basis Trade
A basis trade is fairly straightforward. An investor buys an asset in the spot market. At the same time, they sell a futures contract for that same asset. The goal is to profit from the price difference, or “basis,” between the two. When future prices are higher than spot prices, a condition known as “contango,” basis trade strategies tend to be profitable. It is like buying a bushel of corn today and selling a contract for future corn delivery at a slightly higher price.
DATs do more than just hold digital assets. They stake them, and even restake them, earning real yield directly on the blockchain. By buying a DAT’s stock, investors get exposure to that cryptocurrency and its yield. Then, by shorting the corresponding futures of the crypto assets the DAT holds, investors shield themselves from big price swings in those assets.
What is left is the spread. This is the difference between the token’s future price and the DAT’s spot crypto holdings. Sometimes, this future price might even include staking yield, a “total return” token. When a DAT trades below its net asset value, or when the future price is higher than the DAT’s spot holdings, investors can pocket a steady return. This return is relatively market-neutral. It is hard to put an exact number on the size of this basis. However, for alts, these differences might be more pronounced than for other assets. This could mean a higher yield for the investor.
The potential gain is clear. When mNAVs are climbing and futures are in contango, the DAT basis trade could deliver attractive returns. But, like any strategy, it comes with its share of risks and possible downsides. Perhaps the most obvious risk is a sharp drop in the mNAV. In this case, losses on the stock side might not be fully covered by the futures hedge.
Also, DATs that trade at a discount to their net asset value could become targets for takeovers. While this might erase losses by bringing the mNAV back up, the new owners could decide to switch to a different asset class. This would force an unwind of the trade, which could be messy.
A Bridge to the Future
For those who are sensitive to these kinds of risks, ETFs might be a better choice. With ETFs, mNAVs are designed to stay steady, right at par. This makes them a preferred option for executing a regulated basis trade. However, truly comprehensive alt ETFs, along with futures for their underlying assets, are just beginning to appear.
So, for now, DATs play a vital role. They serve as a bridge, helping traditional investors learn about the possibilities as crypto investing becomes more common. It is a stepping stone, if you will, into a world that is still finding its footing.
As regulated futures become available for more and more alts, the long DAT, short futures trade could become an ideal way for Wall Street to tap into crypto yield. It offers a path without the need to touch a crypto wallet or deal with the intense volatility that often defines crypto as an asset class. I believe this strategy will be the trade of the year in 2026.
