According to Odaily, CoinShares' Head of Research, James Butterfill, has released a report indicating that the bubble surrounding digital asset treasury companies (DAT) has largely burst. By the summer of 2025, companies that were trading at three to ten times their market net asset value (mNAV) have now fallen to approximately one times or lower. This trading model, which once viewed token treasuries as growth engines, has experienced a significant correction. The future trajectory of these companies depends on market behavior: either prices will drop, leading to disorderly sell-offs, or companies will maintain their positions and wait for a rebound. An improved macroeconomic environment and a potential interest rate cut in December could provide support for cryptocurrencies.