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Coinbase Research Director: The digital asset treasury has entered the "PvP stage"

2025-09-11 03:15:25

BlockBeats news, on September 11, Coinbase Research Director David Duong stated, "We believe that the technical demand for Digital Asset Treasuries (DAT) will provide ongoing support for the crypto market in the short term. However, the DAT phenomenon has reached a critical turning point. · We are no longer in the early adoption phase of the past 6-9 months, but we also do not believe we are close to the end. · On the contrary, we have entered what is called the 'PvP stage' (player versus player) — a competitive phase where success increasingly relies on execution, differentiation, and timing, rather than simply copying MicroStrategy's model. · Indeed, early participants like MicroStrategy enjoyed premiums far above their net asset value (NAV), but with the emergence of competition, execution risks, and regulatory constraints, mNAV premiums are shrinking. · In our view, the scarcity premium enjoyed by early adopters has dissipated. In the PvP stage, only the most disciplined and strategically positioned participants can stand out. · Nevertheless, Bitcoin-focused DAT currently holds over 1 million BTC, accounting for about 5% of the Circulating Supply. Similarly, Ethereum-focused DAT holds approximately 4.9 million ETH (about 2.13 billion USD), accounting for over 4% of the total ETH Circulating Supply."

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