Ethereum Positioned to Benefit from Digital Asset Treasuries
Analysts at Standard Chartered believe that Ethereum may become the primary beneficiary from the growth of digital asset treasuries (DATs). They argue that Ethereum, operating on a proof-of-stake system, is in a stronger position than Bitcoin or Solana as market dynamics shift.
Growing Role of Ethereum Treasuries
In a report released on Monday, Geoffrey Kendrick, the global head of digital assets research at the bank, indicated that Ethereum treasuries are likely to significantly drive demand for the token, outpacing similar investments in Bitcoin and Solana.
Market Pressures on Cryptocurrency Holdings
This analysis comes at a time when publicly traded companies with cryptocurrency holdings are facing mounting challenges from declining market valuations. Standard Chartered anticipates a consolidation trend within the Bitcoin-focused DAT sector.
Investment Trends and Market NAVs
Digital asset treasuries have been a defining trend in investments throughout 2025, contributing to rising cryptocurrency prices earlier in the year. These businesses depend on selling their assets at a premium to their net asset value (mNAV) to generate funds for further purchases. Recently, however, many DATs have seen their mNAVs drop below 1, which raises concerns about their sustainability.
Factors for Success and Ethereum’s Edge
Kendrick emphasized that success in this period will rely on three key factors: the ability to secure low-cost funding, achieving scalability that attracts liquidity, and generating staking yield. He noted that Ethereum and Solana treasuries hold advantages over Bitcoin due to their staking rewards.
Expansion of Ethereum Treasuries
While Bitcoin-focused firms have become saturated, with nearly 90 firms collectively holding over 150,000 BTC, Ethereum treasuries continue to grow. Kendrick stated that these companies have acquired approximately 3.1% of Ethereum’s circulating supply since June, with BitMine Immersion Technologies leading as the largest ETH-focused DAT.
Regulatory Landscape and Future Outlook
The report concludes that Ethereum’s stronger regulatory position and its accumulating treasury firms make it more attractive for maintaining demand compared to Bitcoin and Solana. Currently, Ethereum is trading at $4,492, exhibiting a significant increase of over 150% since July. Kendrick believes that DAT activities will continue to positively impact Ethereum more than they will for Bitcoin or Solana moving forward.
