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Ethererum Treasury Firms Positioned Better Than Bitcoin Peers, Says Standard Chartered

Digital asset treasuries have been hit hard in recent weeks as their market NAVs slid below 1, Standard Chartered's Geoff Kendrick said in a new report. Looking ahead, ETH DATs appear to have the most staying power thanks to staking yield, regulatory clarity, and room to grow.

The mNAV ratio is crucial; when it falls, these firms lose the incentive and sometimes the ability to keep buying crypto, threatening a key source of demand for $BTC, $ETH and $SOL.

Kendrick said that the next phase for DATs will be one of differentiation. The winners will be those that can raise funds at the lowest cost, achieve scale that draws liquidity and investor attention, and earn #staking yield. That last point tilts the playing field toward $ETH and $SOL treasuries over $BTC, which lacks yield.

Market saturation is also at play. #Strategy's success as the flagship BTC treasury has inspired a flood of copycats, nearly 90 at last count, who together now hold more than 150,000 BTC—up sixfold this year.

But if mNAVs stay below 1, Standard Chartered expects consolidation. For BTC treasuries, that could mean firms like Strategy buying out rivals rather than buying new #Bitcoin on the open market.

#Ethereum treasuries look better positioned. They have been aggressively accumulating, with 3.1% of ETH's circulating supply purchased since June. The largest player, #BitMine, is well-placed to keep adding to its 2 million ETH stack.

For crypto markets, this matters. DAT buying has been a key driver of $BTC and $ETH prices in 2025. But with BTC treasuries facing consolidation pressure and $SOL treasuries still relatively small, Standard Chartered sees ETH as the likely beneficiary going forward.

Bitmine announced its treasury has grown to 2.15 million ETH worth over $9.7 billion, more than double competitor SharpLink's 837,230 ETH holdings.