Crypto asset management firm CoinShares (CS) said the digital asset treasury (DAT) bubble has largely burst, and some companies that were trading at 3 to 10 times their market net asset value (mNAV) in summer 2025 have now returned to around 1x or lower, in a sharp reset for a trade that once valued token treasuries as a growth engine.
The next step depends on behavior: either falling prices trigger a disorderly sell-off, or companies hold on to their balances and wait for a rebound, CoinShares head of research James Butterfill wrote in a blog post on Thursday.
Butterfill said he is leaning toward the latter, citing an improving macro backdrop and the possibility of a rate cut in December that could support cryptocurrencies.
mNAV compares a company’s enterprise value (EV), which is a company’s market capitalization plus debt minus cash, to the market value of its bitcoin holdings. Strategy, the largest corporate holder of bitcoin, currently has a mNAV of around 1.13.
The biggest challenge is structural, according to Butterfill. Investor tolerance for dilution and concentration of a single asset without real operating income is fading, after a wave of companies used public markets to build oversized treasuries without building lasting businesses, damaging credibility.
There are early signs of a healthier approach as stronger companies add bitcoin as disciplined treasury and currency management, according to the report.
The DAT concept is not dead but is being reclassified, and investors are 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, stricter governance and realistic expectations, with digital assets as a tool, not the whole story, the report adds.
Read more: Is Bitcoin’s digital asset treasury model broken? Architect Partners says no
