dats

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.

ChainCatcher news, the Global Research Director and Research Assistant at Coinbase published a report predicting that the crypto market will continue to strengthen in early Q4 2025. The main reasons include ample liquidity, a favorable macro environment, and supportive regulatory dynamics.The report points out that although Bitcoin has experienced a decline in September six times from 2017 to 2022, this "September effect" has been disproven in 2023 and 2024. The report believes that the crypto market will continue to be supported by the demand for digital asset treasuries. Currently, the crypto market is in the "player versus player" stage of the DAT cycle, with a clear trend of capital flowing towards large crypto assets, while smaller DAT participants may face a consolidation phase. As of September 10, DATs hold over 1 million Bitcoins (approximately $110 billion), 4.9 million Ethereums (approximately $21.3 billion), and 8.9 million Solanas (approximately $1.8 billion).