Digital-asset treasury plays that once traded at steep premiums have largely returned to their net asset values.
According to CoinShares (CS), the digital asset treasury (DAT) bubble has mostly deflated. Firms 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 once treated token treasuries as growth engines.
James Butterfill, head of research at CoinShares, said the next moves depend on corporate strategy. Falling prices could spark a sell-off, or companies might hold assets awaiting a rebound. He favors the latter, pointing to an improving macro backdrop and a potential December rate cut, which could support crypto markets.
mNAV compares a company’s enterprise value—market cap 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, as investor tolerance for dilution and single-asset concentration without operating revenue fades. But stronger firms are showing discipline, using bitcoin for treasury and FX management rather than speculative expansion.
CoinShares said the DAT model is evolving. Investors will likely distinguish between speculative treasury wrappers, disciplined treasury strategies, token-investment vehicles, and strategic corporates. Future success will hinge on fundamentals, governance, and realistic expectations, with digital assets as a tool—not the centerpiece.
