In the wake of a round of corrections in the cryptocurrency market and scrutiny of the Digital Asset Treasury (DAT) model, Michael Saylor has once again become a focal point in the market. On December 7, 2025, Michael Saylor, founder and executive chairman of Strategy (formerly MicroStrategy), posted information about Bitcoin Tracker on the X platform, hinting at a potential disclosure of increased holdings. However, at the same time, James Butterfill, head of research at digital asset management firm CoinShares, bluntly pointed out that the speculative bubble of DAT has "indeed burst from many perspectives." These two starkly different market signals together depict the complex picture of the DAT model transitioning from a star concept to bubble disillusionment, also indicating that the next generation of DAT will face profound reshuffling.
I. Strategy Sticks to Bitcoin Strategy: Long-term Belief Unchanged Despite Market Slump
Despite recent volatility in the Bitcoin market, Strategy CEO Phong Le emphasized that the company will continue to execute its Bitcoin reserve strategy.
Experience Through the Bear Market: Phong Le stated in an interview with CNBC that Strategy has experienced the Bitcoin bear market of 2022, and the company will continue to implement its strategy even as Bitcoin declines.
Model for Increasing Bitcoin Holdings: Strategy plans to issue equity and debt to raise funds at a premium above net asset value and purchase Bitcoin in an appreciating manner.
Adjusting the Pace, Strategy Unchanged: Phong Le pointed out that while the pace of accumulation may slow during market downturns, the overall strategy will not change.
Eliminating FUD (Fear, Uncertainty, and Doubt): Regarding the establishment of a $1.44 billion dividend reserve fund, Phong Le stated that Strategy raised $1.44 billion in just eight and a half days, equivalent to 21 months of dividend payments. This was done to dispel market rumors and demonstrate that even during Bitcoin's downturn, Strategy can still raise funds quickly.
Saylor's Signal: Michael Saylor again posted information about Bitcoin Tracker on the X platform, writing "₿ack to Orange Dots?" suggesting that Strategy will continue its Bitcoin strategy. Historically, Strategy usually discloses Bitcoin accumulation data the day after he posts Bitcoin Tracker information.
II. CoinShares: The Speculative Bubble of Digital Asset Treasury (DAT) Has Burst
CoinShares research director James Butterfill pointed out directly that publicly traded companies hoarding Bitcoin, Ethereum, and other crypto assets on their balance sheets have seen their speculative bubble "indeed burst from many perspectives."
Bubble Disillusionment: Butterfill recalled that in the summer of 2025, many DAT companies' market values soared to three, five, or even ten times their net asset value (mNAV), with the market treating them like "leveraged Bitcoin ETFs." Now, these companies' mNAV has almost all fallen back to one times or even lower, with premiums completely disappearing.
Awakening of the Model: He emphasized that this is not merely a price retracement, but a collective awakening of the market to the model of "madly hoarding coins through stock issuance without any substantial operating business."
Deviation from Original Intent: The original design of DAT was to use Bitcoin to hedge against currency devaluation risks. However, many companies later abandoned their core business, with the sole purpose of issuing stock being to buy more coins, even resorting to debt, preferred stock, and ATM mechanisms to continuously increase their stakes, turning it into a gamble on "leveraged bets that Bitcoin prices will always rise," completely deviating from its original intent.
III. DAT Companies Face Risks of "Forced Selling" and Restructuring
After the DAT bubble burst, Butterfill analyzed the current dilemmas faced by major DAT companies and the potential for future restructuring.
Avoiding a Sell-off Spiral: Currently, major DAT companies have hardly sold any coins on a large scale this year, as they are still trying to avoid triggering a sell-off spiral.
Outcomes of mNAV Falling Below 1: However, once mNAV remains below one for an extended period, three outcomes may occur: management unwilling to reduce reserve size may choose to hold on for a rebound; a few companies may reverse course, selling coins to repurchase stock, thereby increasing the number of coins held per share; or they may become acquisition targets, being bought at low prices by companies with more abundant funds.
The First Possibility is the Most Likely: However, Butterfill believes that the first scenario is the most likely, especially with the high probability of the U.S. Federal Reserve continuing to lower interest rates in December and an improving macro environment, the crypto market is still expected to rebound.
IV. Restructuring and New Classifications of the Next Generation of DAT
Butterfill predicts that in the future, investors will reclassify the market into four categories, indicating that the next generation of DAT will undergo significant restructuring.
Four New Classifications:
Speculative DAT: Core business is optional, purely relying on holding coins to bet on prices.
Treasury-Driven DAT: Truly treating Bitcoin as a foreign exchange management tool.
Token Investment Companies: Holding a diversified portfolio of tokens like closed-end funds.
Strategic Enterprises: Companies like Tesla and Block Inc. that hold coins but do not carry the DAT label.
Irony and Return to the Right Track: Butterfill quipped, "The truly high-quality companies are ironically excluded from the DAT label, which is the biggest irony." He emphasized that the bursting of the DAT bubble does not mean the concept is dead, but rather that it needs to return to the right track.
Conclusion: The Bubble Has Burst, but the Concept Will Not Die
Butterfill finally emphasized that the bursting of the DAT bubble does not mean the concept is dead, but rather that it needs to return to the right track. Future winners must meet three conditions: a real operating business, disciplined asset management, and realistic expectations. Otherwise, the approach of "using the stock market as an ATM to continuously buy coins" will be completely eliminated by the market.
Related Reading: Solana (SOL) Price Stalls at $140, Reshaping the Competitive Landscape of Altcoin ETFs and Crypto Market Demand
Original Article: “Michael Saylor Keeps Accumulating Bitcoin (BTC)! CoinShares: The Corporate Digital Asset Treasury Bubble Has Burst”
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