CoinShares: The DAT bubble has largely burst; an improvement in the macroeconomic environment may provide support for the market.
James Butterfill, Head of Research at crypto asset management company CoinShares, released a report stating that the digital asset treasury (DAT) bubble has basically burst. Companies that were trading at 3 to 10 times their market net asset value (mNAV) in the summer of 2025 have now fallen back to around 1 time or lower. This trading model, which once regarded token treasuries as growth engines, has experienced a sharp correction. The future trend of these companies depends on market behavior: either price declines trigger disorderly selling, or companies maintain their holdings and wait for a rebound. If the macro environment improves and there is a possible interest rate cut in December, this will provide support for cryptocurrencies.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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