Coinbase: Digital Asset Treasury Companies Enter Intensified Competition Phase

Coinbase Institutional reports that Digital Asset Treasury companies (DATs) have transitioned from an early phase of easy profitability to a period of fierce competition, with scarcity premiums gradually fading and the market capitalization/net asset value ratio (mNAV) generally compressing. Statistics show that among 17 publicly listed companies holding ETH, 4 already have a negative mNAV. Galaxy Digital previously warned that large-scale inclusion of crypto assets on balance sheets could exacerbate market vulnerabilities.