According to this chart, one holder has over 20% of all the BAT tokens put up for sale in the crowdsale. This means a free market price cannot be determined by any exchange and speculation on exchanges will be irrational as this one holder can simply control the price completely.
Greed may have just killed the BAT. They raised the money, but no one in their right mind will buy a token if the distribution is that skewed. Maybe hard caps are not a good idea if this is the outcome.
References
https://etherscan.io/token/tokenholderchart/BAT
https://etherscan.io/token/BAT?a=0x88e2efac3d2ef957fcd82ec201a506871ad06204