Coinbase: DATs enter the competitive turning point, and the easy profit period is about to end

According to ChainCatcher, according to The Defiant, the Coinbase Institutional September Monthly Outlook report shows that digital asset treasury companies (DATs) have moved from the early easy profit-making stage to a more intense competitive period; with the increase in the number of DATs this year, regulatory constraints and execution risks, the scarcity premium of early benefits has subsided, and the market value/net crypto asset value ratio (mNAV) of related companies has been compressed, and participants with only strategic discipline and execution are more likely to survive. According to third-party data, among the 17 listed companies that hold ETH, 4, including SharpLink and The Ether Machine, have shown that mNAV is negative (the company's market value is lower than the value of its crypto assets). In addition, Galaxy Digital has previously suggested that the craze for companies to include encrypted crypto in their balance sheets may exacerbate market vulnerability.