CoinShares: The DAT bubble has basically burst, but if the macro environment improves, it may support the market

The research director of the cryptocurrency asset management company CoinShares, James Butterfill, released a report stating that the bubble of digital asset treasury companies (DAT) has essentially 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 about 1 time or lower. This trading model, which once viewed token treasuries as a growth engine, has undergone a severe correction. The future performance of these companies depends on market behavior: either a price drop triggers disorderly selling, or companies maintain their positions and wait for a rebound. If the macro environment improves and a possible interest rate cut in December occurs, this will provide support for cryptocurrencies.