Coinbase's Head of Research, David Duong, has stated that Digital Asset Treasuries (DAT) have entered a "PvP phase," losing the scarcity premium once enjoyed by early adopters. Future competition will hinge on execution, differentiation, and timing. Duong highlighted that early players like MicroStrategy benefited from significant net asset value premiums, but these have contracted due to increased competition, regulatory challenges, and execution risks. Currently, Bitcoin-related DATs hold over 1 million BTC, representing about 5% of the circulating supply, while Ethereum-related DATs hold approximately 4.9 million ETH, valued at around $21.3 billion, accounting for 4% of its circulating supply.
Coinbase Research Chief: Digital Asset Treasuries Enter Competitive Phase
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