Has the DAT Bubble Already Burst? CoinShares Says In Many Ways, Yes.

Crypto asset management firm CoinShares reports that the digital asset treasury (DAT) bubble has significantly deflated, with firms that once traded at 3x to 10x their market net-asset value (mNAV) now trading near 1x or below. CoinShares head of research, James Butterfill, noted that the next phase depends on whether falling prices trigger a disorderly sell-off or if companies hold their crypto balances awaiting a rebound, leaning toward the latter due to potential macro improvements. The structural challenge lies in investor fatigue regarding dilution and single-asset concentration without real operating revenue. Butterfill believes the DAT concept is being reclassified, with investors drawing clearer distinctions between speculative wrappers, disciplined strategies, and genuine corporates, emphasizing that future success requires fundamentals, credible businesses, and realistic expectations where digital assets are tools, not the entire business model.

(Source：CoinDesk)