COINOTAG News, December 6, cites CoinDesk that the Digital Asset Treasury (DAT) bubble has essentially burst. In a CoinShares report, James Butterfill, Research Director, states that the market now prices token treasuries at roughly 1x mNAV after previously trading at 3–10x, signaling a sharp correction in the model.
Looking ahead, the next trend hinges on market behavior: further price declines could trigger disorderly selling, while firms may hold their positions and await a rebound. Butterfill leans toward the latter, pointing to firmer macro conditions and a potential December rate cut that could buoy cryptocurrency demand.
Structural headwinds remain: previously, mega-treasury accumulations without viable businesses caused reputational damage. Today, investor tolerance for equity dilution without operating income and single-asset concentration is waning. By contrast, stronger firms are integrating Bitcoin into disciplined treasury and forex strategies, signaling a healthier development path.
Source: https://en.coinotag.com/breakingnews/bitcoin-to-fuel-2025-rebound-as-digital-asset-treasury-bubble-bursts-coinshares-butterfill-says
