Coinbase Research Director: The Digital Asset Treasury Has Entered the "PvP Phase"

BlockBeats News, September 11th, Coinbase's Research Director David Duong stated, "We believe that the technical demand for Digital Asset Treasuries (DAT) will continue to provide ongoing support for the crypto market in the short term. However, the DAT phenomenon has reached a critical inflection point.

· We are no longer in the early adoption phase of the past 6-9 months, but we also do not believe we are nearing the end.

· Instead, we have entered the so-called 'PvP Stage' (Player versus Player) — a stage of competition where success increasingly relies on execution, differentiation, and timing, rather than simply replicating MicroStrategy's playbook.

· Indeed, early participants like MicroStrategy once enjoyed a premium well above Net Asset Value (NAV), but with the emergence of competition, execution risks, and regulatory constraints, the NAV premium is 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 DATs currently hold over 1 million BTC, roughly 5% of the circulating supply. Similarly, major Ethereum-focused DATs collectively hold around 4.9 million ETH (approximately $21.3 billion), representing over 4% of ETH's total circulation."