CoinShares: The DAT bubble has basically burst, if the macro environment improves or supports the market
2025-12-05 15:58:32
James Butterfill, head of research at crypto asset manager CoinShares, has released a report saying that the digital asset treasury company (DAT) bubble has basically burst. Some companies that traded at 3 to 10 times their market cap net asset value (mNAV) in the summer of 2025 have now fallen back to about 1 times or less. This trading model that once regarded token vaults as a growth engine has undergone a sharp correction. The future movement of these companies depends on market behavior: either the price drop triggers a disorderly sell-off, or companies maintain their positions and wait for a rebound. If the macro environment improves and interest rates are likely to be cut in December, this will support cryptocurrencies.
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