Coinbase Head of Research: Digital Asset Treasury Has Entered the 'PvP Phase'

BlockBeats News, September 11, Coinbase Head of Research David Duong published an article stating, 'We believe that the technical demand for Digital Asset Treasury (DAT) will provide sustained support for the crypto market in the short term. However, the DAT phenomenon has reached a critical turning point. · We are no longer in the early adoption phase of the past 6-9 months, but we also do not believe we are near the end. · Instead, we have entered the so-called "PvP phase" (Player vs. Player)—a competitive stage where success increasingly depends on execution, differentiation, and timing, rather than simply replicating MicroStrategy's model. · Indeed, early participants like MicroStrategy once enjoyed premiums far above net asset value (NAV), but as competition, execution risks, and regulatory constraints emerge, the mNAV premium is shrinking. · In our view, the scarcity premium enjoyed by early adopters has dissipated. In the PvP phase, only the most disciplined and strategically positioned participants can stand out. · Nevertheless, Bitcoin-focused DATs currently hold over 1 million BTC, accounting for approximately 5% of circulating supply. Similarly, Ethereum-focused DATs collectively hold about 4.9 million ETH (approximately $21.3 billion), representing over 4% of ETH's total circulating supply.'