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

ChainCatcher reported that 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 market value to net asset value (mNAV) have now fallen back to around 1x or even lower. This trading model, which once viewed token treasuries as a growth engine, has experienced a sharp correction. The future trajectory of these companies depends on market behavior: either price declines trigger disorderly sell-offs, or companies maintain their positions and wait for a rebound. If the macro environment improves and there is a possible rate cut in December, this will provide support for cryptocurrencies.