Crypto treasury firms will need to do more than copy Strategy’s playbook to thrive as the market matures, and that competition could boost crypto markets.
Crypto-buying public companies are entering a “player vs player” stage that will see firms competing harder for investor money, and that could drive up crypto market prices, according to Coinbase.
“The days of easy money and guaranteed mNAV [multiple of Net Asset Value] premiums are over,” Coinbase head of research David Duong and researcher Colin Basco said in a report on Wednesday.
The pair said that digital asset treasuries (DATs) are in a “player-versus-player” stage where “strategically positioned players will thrive,” adding they expected crypto markets would “benefit from the unprecedented capital flowing from these vehicles to supercharge returns.”
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