Coinbase Supervisor: Digital Assets (DAT) has entered the "PvP stage"
Source: CoinWorld
Time: 2025-09-11 11:13:04
According to Coinjie.com, David Duong, research director of Coinbase, said that the digital asset treasury (DAT) has entered the "PvP stage" and no longer enjoys the scarcity premium of early adopters. In the future, competition will rely more on execution, differentiation and timing. He pointed out that early players such as MicroStrategy had received significant net value premiums, but mNAV has shrunk significantly as competition, regulation and execution risks increase. Currently, Bitcoin DATs hold a total of more than 1 million BTC (about 5% of circulation), while Ethereum DATs hold a total of about 4.9 million ETH (about 21.3 billion US dollars, accounting for 4% of circulation).