According to The Defiant, the Coinbase Institute's September Monthly Outlook report shows that digital asset treasury companies (DATs) have moved from an early stage of easy profits to a more intense period of competition; with the increase in the number of DATs this year, regulatory constraints and enforcement risks, the scarcity premium of early benefits has subsided, and the market capitalization/net worth ratio (mNAV) of related companies has been compressed. Participants with only strategic discipline and execution are more likely to survive.
According to third-party data, 4 of the 17 listed companies holding ETH, including SharpLink and The Ether Machine, have experienced negative mNAV (the market value of the company is lower than the value of its cryptoassets). In addition, Galaxy Digital has previously warned that the rush of companies to incorporate crypto into their balance sheets may exacerbate market vulnerabilities.
Coinbase: DATs enter competitive inflection point, easy profit period is coming to an end
2025-09-15 02:14:24
Disclaimer:
1. The information provided does not constitute investment advice. Investors should make independent decisions and bear all risks themselves.
2. The copyright of this content belongs to the original author. The views expressed herein are solely those of the author and do not represent the stance or position of this website.
