Digital-asset treasury plays that once traded at large premiums have largely returned to their net asset values.
CoinShares (CS) says the digital asset treasury (DAT) bubble has mostly deflated. Companies that traded at 3x to 10x their market net-asset value (mNAV) in summer 2025 are now around 1x or below, marking a sharp reset for a market that previously valued token treasuries as high-growth engines.
James Butterfill, CoinShares’ head of research, notes that the next phase depends on corporate behavior: falling prices could trigger sell-offs, or companies may hold assets in anticipation of a rebound. Butterfill favors the latter, pointing to an improving macro backdrop and the possibility of 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 bitcoin holder, currently has an mNAV of 1.13.
Structural challenges remain. Investor tolerance for dilution and concentrated single-asset exposure without meaningful operating revenue is fading, after a wave of companies built oversized treasuries without durable businesses, undermining credibility.
There are early signs of a more disciplined approach. Stronger firms are now incorporating bitcoin into treasury and FX management, rather than speculative expansion.
CoinShares says the DAT concept is evolving, not dead. Investors are expected to draw sharper distinctions between speculative treasury wrappers, disciplined treasury strategies, token-investment vehicles, and strategic corporates. Moving forward, success will require solid fundamentals, credible businesses, strong governance, and realistic expectations, with digital assets serving as a supporting tool rather than the centerpiece.
