CoinShares: The DAT bubble has largely burst, but improved macro conditions could provide support to the market

CoinShares: The DAT bubble has largely burst, but improved macro conditions could provide support to the market

2025-12-05 23:45

ChainThink reports, a report released by James Butterfill, Research Head at crypto asset management firm CoinShares, indicates that the Digital Asset Treasury (DAT) bubble has largely burst. Companies previously trading at 3 to 10 times their market capitalization-adjusted net asset value (mNAV) in summer 2025 have now retreated to approximately 1x or lower, marking a significant correction for a trading model that once viewed token treasuries as a growth engine. The future trajectory of these firms hinges on market dynamics: either price declines trigger disorderly sell-offs, or companies hold positions and wait for a rebound—especially if macro conditions improve and rate cuts materialize by December, providing support to the cryptocurrency market.

Disclaimer: Contains third-party opinions, does not constitute financial advice

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