CoinShares reports that the cryptocurrency treasury bubble (Digital Asset Treasury – DAT) has largely deflated, as many companies that previously traded at three to ten times their market cap are now only around or below that level. This adjustment clearly reflects investors moving away from speculative reserve strategies that lack revenue and sustainable operational platforms.
Companies expanding their Bitcoin reserves aggressively in 2025 are under closer scrutiny as the market demands better governance, viable business models, and greater transparency. According to James Butterfill, Head of Research at CoinShares, the next phase will depend on whether the downward price trend triggers a wave of sell-offs or if companies will continue to hold in anticipation of a recovery.
Notably, stronger companies are adopting more disciplined approaches, using Bitcoin as a treasury management tool rather than a core store of value.
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