Ethereum Treasuries Expected to Surpass Bitcoin and Solana Amid DAT Shakeout: Standard Chartered

Ethereum may emerge as the most significant beneficiary from the growth of digital asset treasuries (DATs), with analysts at Standard Chartered asserting that the proof-of-stake blockchain is in a superior position compared to both Bitcoin and Solana as market pressures escalate.

In a report released on Monday, Geoffrey Kendrick, the bank’s global head of digital assets research, stated that Ethereum treasuries are poised to play a more substantial role in boosting demand for the token compared to their Bitcoin and Solana equivalents.

This evaluation comes as publicly traded companies holding cryptocurrencies on their balance sheets encounter mounting pressure from declining market valuations.

Standard Chartered Predicts Consolidation in Bitcoin-Centric DATs

Digital asset treasuries have become one of the hallmark investment trends of 2025, contributing to pushing cryptocurrency prices to new heights earlier this year.

These companies depend on trading at a premium over the value of their assets, referred to as market NAV (mNAV), to generate funds for additional acquisitions.

However, in recent weeks, mNAVs for many DATs have fallen below 1, limiting their capacity to purchase more tokens and raising concerns about sustainability.

Source: Standard Chartered Research

Kendrick suggested that this period would signify a shakeout in the industry, with success hinging on three key factors: the ability to secure inexpensive funding, scalability that attracts liquidity, and the generation of staking yield.

He pointed out that Ethereum and Solana treasuries possess an edge over Bitcoin in this aspect, as both networks provide staking rewards.

“We believe ETH and SOL DATs should be assigned higher mNAVs than BTC DATs due to staking yield,” Kendrick remarked.

The analyst also highlighted market saturation among Bitcoin-centric firms. Motivated by Strategy’s aggressive BTC accumulation, nearly 90 companies have adopted similar approaches, collectively holding over 150,000 BTC—six times more than at the beginning of the year.

With valuations under strain, Standard Chartered anticipates consolidation in this sector, indicating that larger players may increasingly acquire smaller DATs.

However, such actions would represent a rotation of coins within the industry rather than new demand for Bitcoin.

In contrast, Ethereum treasuries continue to grow. Kendrick noted that companies holding ETH have already gathered approximately 3.1% of the cryptocurrency’s circulating supply since June.

BitMine Immersion Technologies, listed on NYSE American, currently stands as the largest ETH-focused DAT, possessing over 2 million ETH, which accounts for about 5% of the supply.

Bitcoin miner turned Ethereum accumulator Bitmine now owns a total of 2,126,018 ETH worth $9.24 billion following the latest buy.#Bitmine #ETH #ETHTreasuryhttps://t.co/e3MvMrg7lT

— Cryptonews.com (@cryptonews) September 11, 2025

The firm is still only one-third of the way to its goal and has continued its purchasing despite broader market pressures.

Solana treasuries are smaller and less established, holding approximately 0.8% of the token’s supply.

Uncertainties also persist regarding regulatory treatment, with reports indicating that Nasdaq-listed companies may need shareholder approval before allocating funds to crypto.

Kendrick mentioned that this positions Ethereum more favorably.

According to Standard Chartered, DATs currently hold 4% of all Bitcoin, compared to 3.1% of Ethereum and 0.8% of Solana.

The bank believes Ethereum treasuries are better equipped to sustain demand, thanks to staking rewards, a clearer regulatory landscape, and aggressive accumulation strategies.

Ethereum is presently trading at $4,492, down 2.6% for the day but still up over 150% since July, following institutional adoption and ETF inflows.

Despite recent fluctuations, Kendrick concluded that DAT activity remains a more favorable driver for ETH than for BTC or SOL going forward.

Ethereum Treasury Firms Gain Traction as ETFs Attract Record Inflows

Standard Chartered has reaffirmed its belief that Ethereum treasury companies may provide stronger upside potential than spot exchange-traded funds (ETFs).

Kendrick remarked in August that firms acquiring Ether (ETH) for balance-sheet strategies are becoming increasingly appealing to investors as their net asset value (NAV) multiples normalize.

According to Kendrick, the NAV ratios of treasury firms, which measure market capitalization relative to ETH holdings, are now stabilizing around 1.0.

This adjustment, he argued, renders them “highly investable” for investors seeking ETH exposure, especially as these companies offer a form of regulatory arbitrage compared to direct crypto ownership.

He highlighted SharpLink Gaming, whose NAV multiple reached a peak of 2.5 before declining closer to parity, and BitMine Immersion Technologies, the sector leader with 2.15 million ETH ($9.7 billion) on its balance sheet.

@SharpLinkGaming, one of the largest corporate holders of Ethereum, has officially launched its $1.5B share buyback program.$SBET #Ethereum https://t.co/bWNct5LKjO

— Cryptonews.com (@cryptonews) September 9, 2025

As a group, Ethereum treasury companies now hold nearly 5 million ETH, or about 4.1% of the circulating supply, according to industry monitors.

This figure is comparable to the holdings of U.S.-listed spot ETFs, which together manage 6.69 million ETH ($30.2 billion), equivalent to 5.5% of the supply. BlackRock’s ETHA leads the group with $17.25 billion in assets.

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