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

Ethereum could emerge as the biggest winner from the rise of digital asset treasuries (DATs), with analysts at Standard Chartered arguing that the proof-of-stake blockchain is better positioned than either Bitcoin or Solana as market pressures ￰1￱ a report published Monday, Geoffrey Kendrick, the bank’s global head of digital assets research, said Ethereum treasuries are set to play a larger role in driving demand for the token compared with their Bitcoin and Solana ￰2￱ assessment comes as publicly listed companies that hold cryptocurrencies on their balance sheets face increasing pressure from falling market ￰3￱ Chartered Sees Consolidation Ahead in Bitcoin-Focused DATs Digital asset treasuries have been one of the defining investment trends of 2025, helping push crypto prices to fresh highs earlier in the ￰4￱ firms rely on trading at a premium to the value of their holdings, known as market NAV (mNAV), to raise funds for further ￰5￱ in recent weeks, mNAVs for many DATs have slipped below 1, reducing their ability to buy additional tokens and triggering concerns about sustainability.) September 11, 2025 The firm is still only one-third of the way to its target and has continued buying despite the broader market ￰6￱ treasuries are smaller and less developed, with about 0.8% of the token’s supply held by ￰7￱ also remain over regulatory treatment, with reports suggesting Nasdaq-listed firms may need shareholder approval before allocating to ￰8￱ noted that this leaves Ethereum in a stronger relative ￰9￱ to Standard Chartered, DATs already hold 4% of all Bitcoin, compared with 3.1% of Ethereum and 0.8% of ￰10￱ bank sees Ethereum treasuries as better placed to maintain demand, thanks to staking rewards, a clearer regulatory outlook, and aggressive accumulation ￰11￱ is currently trading at $4,492, down 2.6% on the day but still up more than 150% since July, following institutional adoption and ETF ￰12￱ recent volatility, Kendrick concluded that DAT activity remains a more positive driver for ETH than for BTC or SOL going ￰13￱ Treasury Firms Gain Ground as ETFs Attract Record Inflows Standard Chartered has doubled down on its view that Ethereum treasury companies may offer stronger upside than spot exchange-traded funds (ETFs).

Kendrick said in August that firms buying Ether (ETH) for balance-sheet strategies are becoming increasingly attractive to investors as their net asset value (NAV) multiples ￰14￱ to Kendrick, the NAV ratios of treasury firms, market capitalization relative to ETH holdings, are now stabilizing near ￰15￱ adjustment, he argued, makes them “very investable” for investors seeking ETH exposure, particularly as these companies provide a form of regulatory arbitrage compared with direct crypto ￰16￱ pointed out SharpLink Gaming , whose NAV multiple peaked at 2.5 before falling closer to parity, and BitMine Immersion Technologies, the sector leader with 2.15 million ETH ($9.7 billion) on its books. @SharpLinkGaming one of the largest corporate holders of Ethereum, has officially launched its $1.5B share buyback program. $SBET #Ethereum ￰0￱ — ￰17￱ (@cryptonews) September 9, 2025 Together, Ethereum treasury companies now hold nearly 5 million ETH, or about 4.1% of the circulating supply, according to industry ￰18￱ figure rivals the holdings of U.

S.-listed spot ETFs, which collectively manage 6.69 million ETH ($30.2 billion), equal to 5.5% of supply. BlackRock’s ETHA leads the pack with $17.25 billion in assets.