Catenaa, Sunday, December 14, 2025-CoinShares, a digital-asset management firm, reported that the digital-asset treasury (DAT) bubble has largely burst, with many firms that once traded at three to ten times their market net-asset value now close to one times or below.
The firm noted that the reset reflects a shift in investor sentiment away from speculative treasury holdings without underlying revenue.
Some companies that inflated their bitcoin treasuries in 2025 are now facing sharper scrutiny, with market participants demanding stronger fundamentals, tighter governance, and realistic business models.
CoinShares head of research James Butterfill said the next phase depends on whether falling prices trigger a disorderly sell-off or whether firms hold balances in anticipation of a recovery.
He highlighted signs of healthier practices as stronger firms integrate bitcoin into disciplined treasury and foreign exchange management rather than as the core of their business.
The report emphasized that the DAT model is not dead but is being reclassified. Investors are increasingly distinguishing between speculative treasury wrappers, disciplined treasury strategies, token-investment vehicles, and strategic corporates using digital assets as a tool rather than the primary driver of value.
Strategy, the largest corporate bitcoin holder, currently has a market net-asset value around 1.13, reflecting the broader normalization in pricing.
CoinShares projects that firms with credible businesses and transparent operations are more likely to attract investment in the evolving digital-asset market.
The report suggests a transition toward a more disciplined approach in corporate crypto management, with investor focus shifting from mere treasury size to governance, fundamentals, and strategic use of digital assets.
Catenaa, Sunday, December 14, 2025-CoinShares, a digital-asset management firm, reported that the digital-asset treasury (DAT) bubble has largely burst, with many firms that once traded at three to ten times their market net-asset value now close to one times or below.
The firm noted that the reset reflects a shift in investor sentiment away from speculative treasury holdings without underlying revenue.
Some companies that inflated their bitcoin treasuries in 2025 are now facing sharper scrutiny, with market participants demanding stronger fundamentals, tighter governance, and realistic business models.
CoinShares head of research James Butterfill said the next phase depends on whether falling prices trigger a disorderly sell-off or whether firms hold balances in anticipation of a recovery.
He highlighted signs of healthier practices as stronger firms integrate bitcoin into disciplined treasury and foreign exchange management rather than as the core of their business.
The report emphasized that the DAT model is not dead but is being reclassified. Investors are increasingly distinguishing between speculative treasury wrappers, disciplined treasury strategies, token-investment vehicles, and strategic corporates using digital assets as a tool rather than the primary driver of value.
Strategy, the largest corporate bitcoin holder, currently has a market net-asset value around 1.13, reflecting the broader normalization in pricing.
CoinShares projects that firms with credible businesses and transparent operations are more likely to attract investment in the evolving digital-asset market.
The report suggests a transition toward a more disciplined approach in corporate crypto management, with investor focus shifting from mere treasury size to governance, fundamentals, and strategic use of digital assets.
