CoinShares: The digital asset treasury company bubble has already burst

Digital asset management firm CoinShares has concluded that the bubble for Digital Asset Treasury companies (DATs) has already burst, CoinDesk reports. The firm noted that the modified net asset value (mNAV) for some of these companies has plummeted from a premium of three to 10 times their holdings this summer to a discount of less than one. Looking ahead, CoinShares stressed that the next generation of DATs must be built on strong fundamentals, reliable business models, strict governance, and realistic expectations, adding that digital assets should serve as a tool for these companies rather than being their sole focus.