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

According to TheDefiant, Coinbase Institutional's September Monthly Outlook report, digital asset treasury companies (DATs) have moved from the early easy profit-making stage to a more intense competition period; with the increase in the number of DATs this year, regulatory constraints and execution risks rising, the scarcity premium of early benefits has subsided, and the market value/crypto net 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 holding ETH, four of them, including SharpLink and TheEtherMachine, have had mNAV negative (the company's market value is lower than the value of their 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.