Coinbase: DATs have reached a competitive inflection point, and the period of easy profits is coming to an end
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最新报道：According to The Defiant, Coinbase Institutional's September "Monthly Outlook" report indicates that digital asset treasury companies (DATs) have transitioned from an early phase of easy profits to a more competitive phase. With the increasing number of DATs this year and rising regulatory constraints and execution risks, the scarcity premium enjoyed by early adopters has diminished, compressing the market capitalization to net asset value (mNAV) ratio of these companies. Only participants with strategic discipline and execution capabilities are likely to survive. According to third-party data, among the 17 publicly traded companies holding ETH, four, including SharpLink and The Ether Machine, have negative mNAV (market capitalization less than the value of their crypto holdings). Furthermore, Galaxy Digital previously warned that the surge in companies adding crypto to their balance sheets could exacerbate market vulnerabilities.
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