Opinion: The DAT Bubble has largely burst, and companies need to hold their positions and wait for a rebound.

BlockBeats News, December 6th, according to a report by CoinDesk, James Butterfill, Research Director at crypto asset management firm CoinShares, stated in a report that the Digital Asset Treasury (DAT) bubble has essentially burst. By the summer of 2025, companies trading at prices 3 to 10 times their market value net asset value (mNAV), which once saw token treasuries as a growth engine, have now fallen back to around 1 times or lower levels, experiencing a sharp correction in the trading model.

The next trend will depend on market behavior: either price declines triggering disorderly selling, or companies holding their positions and waiting for a rebound. Butterfill said he is more inclined towards the latter, citing improved macroeconomic conditions and a potential interest rate cut in December, which would provide support for cryptocurrencies. Butterfill pointed out that the bigger challenge lies in structural issues. Previously, a group of companies accumulated mega-scale treasury assets in the open market but failed to build a sustainable business, leading to reputational damage.

Today, investors' tolerance for equity dilution without actual operating income and excessive concentration of single assets is decreasing. There are signs indicating that stronger companies are now incorporating Bitcoin into rigorous treasury and forex management strategies, demonstrating a healthier development trend.