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.
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
