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Has the DAT Bubble Already Burst?
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Has the DAT Bubble Already Burst?
Has the DAT Bubble Already Burst? CoinShares Says In Many Ways, Yes.
Has the DAT Bubble Already Burst? CoinShares Says In Many Ways, Yes.
Digital-asset treasury plays that once traded at big premiums have fallen back toward net asset value.
By Will Canny, AI Boost|Edited by Jamie Crawley
Dec 5, 2025, 3:30 p.m.
Has the DAT bubble already Burst? CoinShares says In many ways, yes. (CoinDesk)
What to know:
- CoinShares said the DAT bubble has deflated, with some names dropping from 3x–10x mNAV in summer 2025 back to around 1x or below.
- The near-term path splits between a disorderly sell-off and a hold-and-recover, with CoinShares head of research James Butterfill leaning toward the latter on improving macro and possible Dec. rate cuts.
- The longer-term fix is structural: less dilution and concentration, clearer category lines, and more credible businesses using digital assets as treasury tools rather than the whole story, the report said.
Crypto asset management firm CoinShares (CS) said the digital asset treasury (DAT) bubble has largely burst, with some firms that traded at 3x to 10x their market net-asset value (mNAV) in summer 2025 now back to about 1x or below, in a sharp reset for a trade that once priced token treasuries like a growth engine.
The next move hinges on behavior: either falling prices spark a disorderly sell-off, or companies hold their balances and wait for a rebound, CoinShares head of research, James Butterfill, wrote in a Thursday blog post.
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Butterfill said he leans to the latter, citing an improving macro backdrop and the possibility of a Dec. rate cut that could support crypto.
mNAV compares a company's enterprise value (EV), which is a firm's market cap plus debt minus any cash, to the market value of its bitcoin holdings. Strategy, the largest corporate holder of bitcoin, currently has an mNAV of around 1.13.
The bigger challenge is structural, according to Butterfill. Investor tolerance for dilution and single-asset concentration without real operating revenue is fading, after a wave of companies used public markets to build oversized treasuries without building durable businesses, hurting credibility.
There are early signs of a healthier approach as stronger firms add bitcoin as disciplined treasury and FX management, the report said.
The DAT concept isn’t dead so much as being reclassified, with investors likely to draw clearer lines between speculative treasury wrappers, disciplined treasury strategies, token-investment vehicles and strategic corporates, Butterfill said.
The next generation will need fundamentals, credible businesses, tighter governance and realistic expectations, with digital assets as a tool, not the whole story, the report added.
Read more: Is the Bitcoin Digital Asset Treasury Model Broken? Architect Partners Says No
Digital Asset TreasuryCoinSharesStrategyAnalysts
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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VanEck’s Matthew Sigel argues MARA’s valuation looks expensive when adjusted for its leverage and capital structure.
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- VanEck’s Matthew Sigel argues once you account for MARA's $3.3 billion in convertible debt, it's net bitcoin value sits near $1.6 billion, which means the stock trades at a premium rather the perceived discount to its bitcoin holdings, with a $4.7 billion market cap.
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Each stage raises the token price, creating scarcity and rewarding early adoption. SPX Breaks the Mold, TRUMP Hikes 1% - Is MoonBull the Next 100x Crypto Presale Poised for Massive Liftoff? 4 Staking and passive-income features give MOBU crypto more substance than a pure meme coin. From Stage 10 onward, holders can earn up to 95 percent APY on staked tokens. For a sense of scale, investing just $200 at Stage 6 could net roughly 2.38 million $MOBU tokens, which, at the projected listing price of $0.00616, could be worth over $14,600. That kind of upsid,e combined with real utility, scarcity mechanics, and staking, sets MOBU crypto apart as the next 100x crypto presale that might actually deliver. Powered by Ethereum: Built on the Network That Never Sleeps MoonBull is deployed on the Ethereum blockchain to leverage the most trusted, battle-tested infrastructure in decentralized finance. 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As with any presale, there is risk. Returns could be limited or negative if listing price underwhelms or adoption fails. Is liquidity locked for MoonBull (MOBU) once listed? Yes, liquidity is locked for 24 months post-launch to prevent rug pulls or sudden dumps. Glossary of Key Terms Presale: Early sale of tokens before public listing, often at discounted prices Tokenomics: The economic design of a cryptocurrency including supply, distribution, incentives, burns, and staking. Staking: Locking tokens securely to earn rewards. Reflection: A mechanism where a portion of each transaction redistributes tokens to holders. Burn: Permanent removal of tokens from circulation to create scarcity and potential value increase. Liquidity Lock: Mechanism to prevent immediate selling by locking pool funds for a fixed period. ROI (Return on Investment): The percentage gain or loss on funds invested. Max Supply: The total number of tokens that will ever exist for a cryptocurrency. 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