Coinbase Executive: Digital Asset Treasury (DAT) Has Entered the "PvP Phase"
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最新报道：According to Bijie.com, Coinbase's head of research, David Duong, stated that digital asset treasuries (DATs) have entered a "player versus player" phase, no longer enjoying the scarcity premium of early adopters. Future competition will rely more on execution, differentiation, and timing. He noted that early entrants like MicroStrategy once enjoyed significant net asset value (mNAV) premiums, but with increasing competition, regulation, and execution risks, mNAV has significantly shrunk. Currently, Bitcoin-related DATs collectively hold over 1 million BTC (approximately 5% of circulating supply), while Ethereum-related DATs hold approximately 4.9 million ETH (approximately $21.3 billion, or 4% of circulating supply).
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