According to a report by CoinDesk, James Butterfill, Head of Research at crypto asset management firm CoinShares, stated that the bubble of Digital Asset Treasury (DAT) companies has largely burst. By the summer of 2025, some companies that once traded at 3 to 10 times their market net asset value (mNAV) have now fallen back to around 1x or even lower. This trading model, which previously regarded token treasuries as growth engines, has undergone a sharp correction.

The next move depends on market behavior: either price declines trigger disorderly sell-offs, or companies maintain their positions and wait for a rebound. Butterfill said he favors the latter scenario due to an improving macro environment and a potential interest rate cut in December, which would support cryptocurrencies. He pointed out that the bigger challenge lies in structural issues. Previously, a group of companies accumulated massive treasury assets through the public market without building sustainable businesses, resulting in reputational damage.

Currently, investors are becoming less tolerant of equity dilution and excessive concentration in single assets when there is a lack of actual operating income. There are already signs that stronger companies are incorporating Bitcoin into rigorous treasury and foreign exchange management strategies, indicating a healthier growth trend.