TechFlow news, September 11 — David Duong, Head of Research at Coinbase, stated that digital asset treasuries (DATs) have entered the "PvP phase," no longer enjoying the scarcity premium of early adopters. Future competition will increasingly depend on execution, differentiation, and timing. He noted that early movers like MicroStrategy once achieved significant net value premiums, but as competition, regulatory, and execution risks have increased, mNAV has noticeably contracted. Currently, Bitcoin-focused DATs collectively hold over 1 million BTC (approximately 5% of circulating supply), while Ethereum-focused DATs hold around 4.9 million ETH (about $21.3 billion, representing 4% of circulating supply).
Add to Favorites
Share to Social Media
