CoinShares: Did the DAT Bubble Really Burst?

CoinShares Report

CoinShares made significant statements regarding the deflation of the DAT bubble. The report indicates that the market value multiples of certain assets, which were between 3x to 10x in the summer of 2025, have now fallen to 1x or below.

In the near term, investors must choose between two different conditions: a chaotic selling wave or waiting for a recovery. CoinShares Research Director James Butterfill takes a stance toward recovery in light of improving macroeconomic conditions and possible interest rate cuts expected in December.

Long-Term Solutions

The long-term solution recommendations in the report are based on structural elements. It is stated that there should be less dilution and concentration, clearer delineation of category boundaries, and more reliable businesses that use digital assets solely as a treasury instrument.