Coinbase: DATs reach a competitive turning point, the easy profit period is about to end

ChainCatcher news, according to The Defiant, Coinbase Institutional's September "Monthly Outlook" report shows that Digital Asset Treasury companies (DATs) have transitioned from an early phase of easy profitability to a more intense competitive period; as the number of DATs increases this year and regulatory constraints and execution risks rise, the early scarcity premium has diminished, leading to a compression in the market capitalization/crypto asset net asset value ratio (mNAV) of related companies. Only participants with strategic discipline and execution capability are more likely to survive.

According to third-party data, among 17 publicly traded companies holding ETH, 4, including SharpLink and The Ether Machine, have reported a negative mNAV (where the company's market capitalization is lower than the value of its held crypto assets). Additionally, Galaxy Digital previously warned that the trend of companies significantly incorporating crypto into their balance sheets could exacerbate market fragility.