Ethereum Treasuries Set to Outperform Bitcoin and Solana as DAT Shakeout Looms: Standard Chartered

Ethereum might emerge as the most important winner from the rise of digital asset treasuries (DATs), with analysts at Standard Chartered arguing that the proof-of-stake blockchain is healthier positioned than both Bitcoin or Solana as market pressures intensify.

In a report printed Monday, Geoffrey Kendrick, the financial institution’s international head of digital belongings analysis, mentioned Ethereum treasuries are set to play a bigger function in driving demand for the token in contrast with their Bitcoin and Solana counterparts.

The evaluation comes as publicly listed corporations that maintain cryptocurrencies on their stability sheets face growing stress from falling market valuations.

Standard Chartered Sees Consolidation Ahead in Bitcoin-Focused DATs

Digital asset treasuries have been one of many defining funding tendencies of 2025, serving to push crypto costs to contemporary highs earlier within the 12 months.

These companies depend on buying and selling at a premium to the worth of their holdings, recognized as market NAV (mNAV), to increase funds for additional purchases.

But in latest weeks, mNAVs for a lot of DATs have slipped under 1, lowering their capacity to purchase extra tokens and triggering issues about sustainability.

Kendrick argued that this section would mark a shakeout within the sector, with success relying on three components: the flexibility to increase 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 assume ETH and SOL DATs must be assigned greater mNAVs than BTC DATs due to staking yield,” Kendrick mentioned.

The analyst additionally famous market saturation amongst Bitcoin-focused companies. Inspired by Strategy’s aggressive accumulation of BTC, almost 90 corporations have launched comparable fashions, collectively holding greater than 150,000 BTC, six instances greater than firstly of the 12 months.

With valuations beneath stress, Standard Chartered expects consolidation on this house, suggesting that acquisitions of smaller DATs by bigger gamers might change into extra widespread.

Such strikes, nonetheless, would signify coin rotation inside the sector relatively than new demand for Bitcoin.

Ethereum treasuries, in contrast, proceed to develop. Kendrick mentioned corporations holding ETH have already gathered about 3.1% of the cryptocurrency’s circulating provide since June.

BitMine Immersion Technologies, 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 supply.

The agency remains to be solely one-third of the best way to its goal and has continued shopping for regardless of the broader market stress.

Solana treasuries are smaller and much less developed, with about 0.8% of the token’s provide held by DATs.

Questions additionally stay over regulatory therapy, with reports suggesting Nasdaq-listed companies might have shareholder approval earlier than allocating to crypto.

Kendrick famous that this leaves Ethereum in a stronger relative place.

According to 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 preserve demand, thanks to 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.

Despite latest volatility, Kendrick concluded that DAT exercise stays a extra optimistic driver for ETH than for BTC or SOL going ahead.

Ethereum Treasury Firms Gain Ground as ETFs Attract Record Inflows

Standard Chartered has doubled down on its view that Ethereum treasury corporations might provide stronger upside than spot exchange-traded funds (ETFs).

Kendrick mentioned in August that companies shopping for Ether (ETH) for balance-sheet methods have gotten more and more engaging to buyers as their web asset worth (NAV) multiples normalize.

According to Kendrick, the NAV ratios of treasury companies, market capitalization relative to ETH holdings, at the moment are stabilizing close to 1.0.

This adjustment, he argued, makes them “very investable” for buyers looking for ETH publicity, notably as these corporations 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 Technologies, the sector chief with 2.15 million ETH ($9.7 billion) on its books.

Together, Ethereum treasury corporations now maintain almost 5 million ETH, or about 4.1% of the circulating provide, according to industry trackers.

That determine rivals the holdings of U.S.-listed spot ETFs, which collectively handle 6.69 million ETH ($30.2 billion), equal to 5.5% of provide. BlackRock’s ETHA leads the pack with $17.25 billion in belongings.

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