CoinShares: The DAT bubble has largely burst, and an improved macro environment could support the market

According to Jinse Finance, James Butterfill, Head of Research at crypto asset management firm CoinShares, released a report stating that the bubble of Digital Asset Treasury (DAT) companies has largely burst. By the summer of 2025, some companies that were trading at 3 to 10 times their market net asset value (mNAV) have now fallen back to around 1 time or even lower. This trading model, which once regarded token treasuries as a growth engine, has experienced a sharp correction. The future trajectory of these companies depends on market behavior: either prices will fall further, triggering disorderly sell-offs, or companies will maintain their positions and wait for a rebound. If the macro environment improves and a rate cut in December becomes possible, this will provide support for cryptocurrencies.