PANews reported on December 5th, citing CoinDesk, that James Butterfill, Head of Research at crypto asset management firm CoinShares, stated in a report that the digital asset reserve (DAT) bubble has largely burst. Companies that traded at 3 to 10 times their market capitalization-to-net-asset value (mNAV) in the summer of 2025 have now fallen to around 1 times or less, marking a sharp correction in the trading model that once viewed token vaults as growth engines. The next move depends on market behavior: either a price drop triggers a disorderly sell-off, or companies maintain their positions and wait for a rebound. Butterfill stated he leans towards the latter, citing an improving macroeconomic environment and the possibility of an interest rate cut in December, which would support cryptocurrencies.

Butterfill points out that the bigger challenge lies in structural issues. Previously, a number of companies amassed massive vault assets through public markets without building sustainable businesses, resulting in reputational damage. Today, investors are less tolerant of equity dilution and excessive concentration of single assets in the absence of real operating revenue. There are already signs that stronger companies are incorporating Bitcoin into rigorous vault and foreign exchange management strategies, demonstrating a healthier development trend. The concept of digital asset vaults is not dying out, but rather being reclassified. The next generation of companies needs fundamental support, credible business models, stricter governance structures, and realistic expectations, using digital assets as tools, not the entirety of their business.