Only a few large firms with crypto holdings will survive, says Coinbase analyst

Only a few large players among companies with significant cryptocurrency holdings will survive as the market matures, according to David Duong, head of research at Coinbase. Duong analyzed that as the crypto cycle matures and companies compete to attract investors, only a handful of these firms will remain. He noted that they are generating profits through mergers and acquisitions, staking, or DeFi looping—a strategy of repeatedly borrowing against collateral to increase leverage. Duong suggested that recent share buybacks by these companies are also part of this struggle for survival. However, he added that this corporate focus on share buybacks instead of cryptocurrency purchases appeared to negatively impact crypto prices in late September.