CoinShares Signals: The DAT Bubble Could Already Be Over.

Digital-asset treasury plays that once commanded hefty premiums have now largely returned to their net asset values.

Crypto asset manager CoinShares (CS) said the digital asset treasury (DAT) bubble has mostly burst. Firms that traded at 3x to 10x their market net-asset value (mNAV) in summer 2025 are now around 1x or below, signaling a sharp reset for a strategy that once priced token treasuries as growth engines.

According to James Butterfill, head of research at CoinShares, the next moves depend on corporate behavior. Falling prices could trigger a disorderly sell-off, or companies might hold balances in anticipation of a rebound. Butterfill favors the latter, pointing to an improving macro backdrop and the possibility of a December rate cut, which could support crypto.

For context, mNAV measures a company’s enterprise value—market cap plus debt minus cash—against the market value of its bitcoin holdings. Strategy (MSTR), the largest corporate bitcoin holder, currently has an mNAV of 1.13.

Structural challenges persist, however. Investor tolerance for dilution and concentrated single-asset exposure without operating revenue is waning, after many companies built oversized treasuries without durable business models, hurting credibility.

Still, there are signs of a more disciplined approach. Stronger firms are now using bitcoin for treasury and FX management rather than speculative expansion.

CoinShares notes that the DAT model is evolving rather than disappearing. Investors are expected to draw sharper lines between speculative treasury wrappers, disciplined treasury strategies, token-investment vehicles, and strategic corporates. Future success will require strong fundamentals, credible businesses, sound governance, and realistic expectations, with digital assets serving as a supporting tool rather than the core focus.