Ether and ETH Treasury Companies Look Undervalued After Plunge: Standard Chartered

Ether (ETH) and the ETH treasury companies are cheap at today’s levels, Standard Chartered's global head of digital assets research, Geoff Kendrick, said in emailed comments ￰0￱ the start of June, ether (ETH) treasury companies have purchased 2.6% of all ETH in ￰1￱ combined with exchange-traded fund (ETF) inflows since then, the combination of the two has purchased a staggering 4.9% of all ETH in circulation, the analyst ￰2￱ a result the world's second-largest cryptocurrency hit a fresh all-time high of $4,955, on Sunday 24, Kendrick ￰3￱ these inflows have been significant, the point, said Kendrick, is that they are just getting ￰4￱ previously estimated that the treasury companies would end up owning 1 0% of all ETH in circulation, a goal that definitely seems in ￰5￱ the recent plunge in ETH, Kendrick is sticking with his previous forecast that ether would reach $7,500 by ￰6￱ views the sell-off to below $4,500 over the last two days as creating a great entry ￰7￱ to the valuation of ether treasury companies, Kendrick said they have continued to ￰8￱ mNAV multiples (the ratio of the value of their crypto holdings versus stock market capitalization) for Sharplink Gaming and Bitmine Immersion have declined, falling below that of Michael Saylor's Strategy (MSTR).

Given that the ether treasury companies are able to capture ETH’s 3% staking yield, Kendrick sees no reason for the mNAV multiples to be below that of MSTR (which captures no such staking yield). Furthermore, the SBET announcement on Friday that it will repurchase stock if the NAV multiple falls below 1.0, creates a hard floor for the ETH treasury multiples, he ￰9￱ ETF Flows Remained Strong Despite Sell-Off Despite Monday’s market rout, which dragged ether (ETH) down 8% — about four times bitcoin’s (BTC) decline — investors in exchange-traded funds (ETFs) kept ￰10￱ funds saw about $444 million in inflows on Monday, led by BlackRock’s iShares Ethereum Trust's (ETHA) $315 milllion, according to Farside ￰11￱ followed $338 million in inflows for the group on Friday when ether was soaring following dovish Jackson Hole remarks by Fed Chair Jerome ￰12￱ more: Ethereum Treasury Stocks 'Better Buy' Than ETH ETFs, Standard Chartered Says