CoinShares: The DAT bubble has largely burst; an improvement in the macroeconomic environment could provide support for the market.

According to a report released by James Butterfill, Head of Research at crypto asset management firm CoinShares, the digital asset treasury (DAT) bubble has largely burst. Companies that traded at 3 to 10 times their market capitalization-to-net-asset (mNAV) in the summer of 2025 have now fallen to around 1 times or lower. This trading model, which once viewed token treasuries as a growth engine, has experienced a sharp correction. The future performance of these companies depends on market behavior: either the price drop triggers a disorderly sell-off, or the companies maintain their positions and wait for a rebound. An improved macroeconomic environment, and a potential interest rate cut in December, would support cryptocurrencies. (CoinDesk)