Coinbase 於 2026 年 6 月 30 日披露持有 150,279 枚 ETH 作投資，較 2025 年底少 896 枚，另有 10,480 枚 ETH 作營運用途。
Pollak 所講的「最大非 DAT ETH 持有人」係指排除專門累積加密貨幣的數碼資產金庫公司，並非將 Coinbase 代客保管的 ETH 一併計入公司自有金庫。
披露數據削弱 Coinbase 大舉拋售 ETH、同時增持 Bitcoin 的說法，但未能證明特定 Base 測序器收入、解除質押 ETH 或轉入 Coinbase Prime 的資金究竟係出售、再平衡、場外交易安排，抑或作其他用途。
What is the basis for Jesse Pollak’s claim that Coinbase is the largest non-digital-asset-treasury (non-DAT) holder of ETH by an order of maCoinbase’s disclosed corporate ETH holdings provide evidence of a substantial treasury, but not a transaction-by-transaction record.
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Create a landscape editorial hero image for this Studio Global article: What is the basis for Jesse Pollak’s claim that Coinbase is the largest non-digital-asset-treasury (non-DAT) holder of ETH by an order of ma. Article summary: Pollak’s claim is best understood as a claim about disclosed corporate ETH treasury, excluding companies whose central strategy is to accumulate ETH (“DATs”), not a verifiable ranking of every exchange, foundation, priva. Topic tags: general, general web, user generated, government. Style: premium digital editorial illustration, source-backed research mood, clean composition, high detail, modern web publication hero. Use reference image context only for broad subject, composition, and topical grounding; do not copy the exact image. Avoid: logos, brand marks, copyrighted characters, real person likenesses, fake screenshots, UI text, readable text, watermarks, ch
openai.com
Jesse Pollak 的說法，最穩陣應該理解為針對已披露的公司自有 ETH 金庫，而唔係所有同 Coinbase 有關的鏈上錢包。
Coinbase 截至 2026 年 6 月 30 日披露，持有約 15 萬枚 ETH 作投資，另外有一批 ETH 係作營運用途。呢個數字為 Pollak 所講的規模提供咗清晰依據；但要留意，監管文件只係資產負債表的「快照」，唔係逐筆交易紀錄。因此，它未能證明 Base 賺到的每一枚 ETH 都被保留、出售、兌換成 Bitcoin，或者轉往某一個特定交易場所。
「非 DAT 持有人」到底係咩意思？
DAT 即 digital-asset treasury，通常指以累積加密資產作為核心策略的公司。Pollak 將呢類數碼資產金庫公司排除在比較之外，換句話講，他比較的是其他一般企業披露的公司自有 ETH 金庫。
Coinbase 於 2026 年 6 月 30 日披露持有 150,279 枚 ETH 作投資，較 2025 年底少 896 枚，另有 10,480 枚 ETH 作營運用途。
Pollak 所講的「最大非 DAT ETH 持有人」係指排除專門累積加密貨幣的數碼資產金庫公司，並非將 Coinbase 代客保管的 ETH 一併計入公司自有金庫。
披露數據削弱 Coinbase 大舉拋售 ETH、同時增持 Bitcoin 的說法，但未能證明特定 Base 測序器收入、解除質押 ETH 或轉入 Coinbase Prime 的資金究竟係出售、再平衡、場外交易安排，抑或作其他用途。
What is the basis for Jesse Pollak’s claim that Coinbase is the largest non-digital-asset-treasury (non-DAT) holder of ETH by an order of maCoinbase’s disclosed corporate ETH holdings provide evidence of a substantial treasury, but not a transaction-by-transaction record.
AI 提示
Create a landscape editorial hero image for this Studio Global article: What is the basis for Jesse Pollak’s claim that Coinbase is the largest non-digital-asset-treasury (non-DAT) holder of ETH by an order of ma. Article summary: Pollak’s claim is best understood as a claim about disclosed corporate ETH treasury, excluding companies whose central strategy is to accumulate ETH (“DATs”), not a verifiable ranking of every exchange, foundation, priva. Topic tags: general, general web, user generated, government. Style: premium digital editorial illustration, source-backed research mood, clean composition, high detail, modern web publication hero. Use reference image context only for broad subject, composition, and topical grounding; do not copy the exact image. Avoid: logos, brand marks, copyrighted characters, real person likenesses, fake screenshots, UI text, readable text, watermarks, ch
openai.com
Jesse Pollak 的說法，最穩陣應該理解為針對已披露的公司自有 ETH 金庫，而唔係所有同 Coinbase 有關的鏈上錢包。
Coinbase 截至 2026 年 6 月 30 日披露，持有約 15 萬枚 ETH 作投資，另外有一批 ETH 係作營運用途。呢個數字為 Pollak 所講的規模提供咗清晰依據；但要留意，監管文件只係資產負債表的「快照」，唔係逐筆交易紀錄。因此，它未能證明 Base 賺到的每一枚 ETH 都被保留、出售、兌換成 Bitcoin，或者轉往某一個特定交易場所。
「非 DAT 持有人」到底係咩意思？
DAT 即 digital-asset treasury，通常指以累積加密資產作為核心策略的公司。Pollak 將呢類數碼資產金庫公司排除在比較之外，換句話講，他比較的是其他一般企業披露的公司自有 ETH 金庫。
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