James Butterfill, Head of Research at crypto asset management company CoinShares, released a report stating that the digital asset treasury (DAT) bubble has basically burst. Companies that were trading at 3 to 10 times their market net asset value (mNAV) in the summer of 2025 have now fallen back to around 1 time or lower. This trading model, which once regarded token treasuries as growth engines, has experienced a sharp correction. The future trend of these companies depends on market behavior: either price declines trigger disorderly selling, or companies maintain their holdings and wait for a rebound. If the macro environment improves and there is a possible interest rate cut in December, this will provide support for cryptocurrencies.