Ethereum might emerge as the largest winner from the rise of digital asset treasuries (DATs), with analysts at Standard Chartered arguing that the proof-of-stake blockchain is best positioned than both Bitcoin or Solana as market pressures intensify.
In a report revealed Monday, Geoffrey Kendrick, the financial institution’s international head of digital property analysis, stated Ethereum treasuries are set to play a bigger position in driving demand for the token in contrast with their Bitcoin and Solana counterparts.
The evaluation comes as publicly listed firms that maintain cryptocurrencies on their steadiness sheets face rising strain from falling market valuations.Standard Chartered Sees Consolidation Forward in Bitcoin-Centered DATs
Digital asset treasuries have been one of many defining funding developments of 2025, serving to push crypto costs to contemporary highs earlier within the yr.
These corporations depend on buying and selling at a premium to the worth of their holdings, referred to as market NAV (mNAV), to lift funds for additional purchases.
However in current weeks, mNAVs for a lot of DATs have slipped under 1, lowering their skill to purchase extra tokens and triggering issues about sustainability.Supply: Standard Chartered Analysis
Kendrick argued that this part would mark a shakeout within the sector, with success relying on three elements: the flexibility to lift low cost funding, scale that draws liquidity, and the technology of staking yield.
He famous that Ethereum and Solana treasuries have a bonus over Bitcoin on this regard, as each networks provide staking rewards.
“We predict ETH and SOL DATs must be assigned increased mNAVs than BTC DATs as a consequence of staking yield,” Kendrick stated.
The analyst additionally famous market saturation amongst Bitcoin-focused corporations. Impressed by Technique’s aggressive accumulation of BTC, almost 90 firms have launched comparable fashions, collectively holding greater than 150,000 BTC, six occasions greater than at the beginning of the yr.
With valuations below strain, Standard Chartered expects consolidation on this area, suggesting that acquisitions of smaller DATs by bigger gamers might turn out to be extra widespread.
Such strikes, nonetheless, would symbolize coin rotation throughout the sector reasonably than new demand for Bitcoin.
Ethereum treasuries, against this, proceed to increase. Kendrick stated firms holding ETH have already accrued about 3.1% of the cryptocurrency’s circulating provide since June.
BitMine Immersion Applied sciences, listed on the NYSE American, is at the moment the most important ETH-focused DAT with greater than 2 million ETH, representing about 5% of provide.
⛏️ Bitcoin miner turned Ethereum accumulator Bitmine now owns a complete of two,126,018 ETH value $9.24 billion following the most recent purchase. — Cryptonews.com (@cryptonews)
The agency remains to be solely one-third of the way in which to its goal and has continued shopping for regardless of the broader market strain.
Solana treasuries are smaller and fewer developed, with about 0.8% of the token’s provide held by DATs.
Questions additionally stay over regulatory remedy, with Nasdaq-listed corporations might have shareholder approval earlier than allocating to crypto.
Kendrick famous that this leaves Ethereum in a stronger relative place.
In accordance with Standard Chartered, DATs already maintain 4% of all Bitcoin, in contrast with 3.1% of Ethereum and 0.8% of Solana.
The financial institution sees Ethereum treasuries as higher positioned to take care of demand, because of staking rewards, a clearer regulatory outlook, and aggressive accumulation methods.
Ethereum is at the moment buying and selling at $4,492, down 2.6% on the day however nonetheless up greater than 150% since July, following institutional adoption and ETF inflows.
Regardless of current volatility, Kendrick concluded that DAT exercise stays a extra optimistic driver for ETH than for BTC or SOL going ahead.Ethereum Treasury Corporations Achieve Floor as ETFs Entice Report Inflows
Standard Chartered has doubled down on its view that Ethereum treasury firms might provide stronger upside than spot exchange-traded funds (ETFs).
Kendrick stated in August that corporations shopping for Ether (ETH) for balance-sheet methods have gotten more and more engaging to traders as their web asset worth (NAV) multiples normalize.
In accordance with Kendrick, the NAV ratios of treasury corporations, market capitalization relative to ETH holdings, are actually stabilizing close to 1.0.
This adjustment, he argued, makes them “very investable” for traders looking for ETH publicity, significantly as these firms present a type of regulatory arbitrage in contrast with direct crypto possession.
He identified SharpLink Gaming, whose NAV a number of peaked at 2.5 earlier than falling nearer to parity, and BitMine Immersion Applied sciences, the sector chief with 2.15 million ETH ($9.7 billion) on its books.
💎 one of many largest company holders of Ethereum, has formally launched its $1.5B share buyback program. — Cryptonews.com (@cryptonews)
Collectively, Ethereum treasury firms now maintain almost 5 million ETH, or about 4.1% of the circulating provide,
That determine rivals the holdings of U.S.-listed spot ETFs, which collectively handle 6.69 million ETH ($30.2 billion), equal to five.5% of provide. BlackRock’s ETHA leads the pack with $17.25 billion in property.
