Digital-asset treasury plays that once traded at hefty premiums have sharply retreated toward their net asset values.

CoinShares (CS) says the so-called digital asset treasury (DAT) bubble has largely burst. Some firms that traded at 3x to 10x their market net-asset value (mNAV) in summer 2025 are now back to around 1x or below, marking a stark reset for a trade that previously valued token treasuries as high-growth engines.

The next phase, according to James Butterfill, CoinShares’ head of research, will depend on corporate behavior. Falling prices could trigger a disorderly sell-off, or companies may hold their balances and wait for a rebound. Butterfill leans toward the latter, citing an improving macro environment and the potential for a December rate cut, which could provide support for crypto markets.

For context, mNAV compares a company’s enterprise value—market capitalization plus debt minus cash—to the market value of its bitcoin holdings. Strategy (MSTR), the largest corporate holder of bitcoin, currently has an mNAV of about 1.13.

Butterfill noted that structural challenges remain. Investor tolerance for dilution and single-asset concentration without real operating revenue is waning, after a wave of companies leveraged public markets to build oversized treasuries without establishing durable businesses, which has hurt credibility.

Still, there are early signs of a healthier approach. Stronger firms are incorporating bitcoin into disciplined treasury and FX management, the report said.

The DAT model is not dead but is being reclassified. Investors are expected to draw clearer distinctions between speculative treasury wrappers, disciplined treasury strategies, token-investment vehicles, and strategic corporates.

Future success in this space will require solid fundamentals, credible business models, tighter governance, and realistic expectations, with digital assets serving as a tool rather than the centerpiece, according to CoinShares.