Sep 11, 202513630 Views
Sep 11, 2025
David Duong, research director of Coinbase, tweeted that we believe that the technical requirements of the crypto treasury will continue to provide sustained support for the crypto market in the short term, but the DAT (Digital Asset Treasury) 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 that we are close to the end. Instead, we have entered what is known as the PvP stage. This is a competitive stage where success increasingly depends on execution, differentiation, and timing, rather than simply copying a strategy playbook.
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