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CoinShares: DAT Bubble Has Mostly Burst, Potential Market Support if Macro Environment Improves
Summary: Cryptocurrency asset management company CoinShares research director James Butterfill released a report stating that the bubble of Digital Asset Treasury (DAT) has mostly burst. Companies that were trading at 3 to 10 times their market value net asset value (mNAV) in the summer of 2025 have now fallen to around 1 time or lower. The ...
Cryptocurrency asset management company CoinShares research director James Butterfill released a report stating that the bubble of Digital Asset Treasury (DAT) has mostly burst. Companies that were trading at 3 to 10 times their market value net asset value (mNAV) in the summer of 2025 have now fallen to around 1 time or lower. The trading model that once viewed token treasuries as growth engines has experienced a sharp correction. The future trajectory of these companies will depend on market behavior: either price declines triggering disorderly selling, or companies holding positions and waiting for a rebound. If the macro environment improves and a rate cut in December is possible, this could provide support for the cryptocurrency market. (CoinDesk)
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Link: CoinShares: DAT Bubble Has Mostly Burst, Potential Market Support if Macro Environment Improves [Copy]
