Ethereum Treasuries Set to Outperform Bitcoin and Solana as DAT
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Standard Chartered analyst noted Ethereum treasuries are more established, generate staking yields, and appear more resilient, while Bitcoin firms face saturation and consolidation pressures.
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Hassan Shittu
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Hassan Shittu
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September 15, 2025
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 intensify.
In 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 counterparts.
The assessment comes as publicly listed companies that hold cryptocurrencies on their balance sheets face increasing pressure from falling market valuations.
Standard 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 year.
These firms rely on trading at a premium to the value of their holdings, known as market NAV (mNAV), to raise funds for further purchases.
But in recent weeks, mNAVs for many DATs have slipped below 1, reducing their ability to buy additional tokens and triggering concerns about sustainability.
Kendrick argued that this phase would mark a shakeout in the sector, with success depending on three factors: the ability to raise cheap funding, scale that attracts liquidity, and the generation of staking yield.
He noted that Ethereum and Solana treasuries have an advantage over Bitcoin in this regard, as both networks offer staking rewards.
“We think ETH and SOL DATs should be assigned higher mNAVs than BTC DATs due to staking yield,” Kendrick said.
The analyst also noted market saturation among Bitcoin-focused firms. Inspired by Strategy’s aggressive accumulation of BTC, nearly 90 companies have launched similar models, collectively holding more than 150,000 BTC, six times more than at the start of the year.
With valuations under pressure, Standard Chartered expects consolidation in this space, suggesting that acquisitions of smaller DATs by larger players could become more common.
Such moves, however, would represent coin rotation within the sector rather than new demand for Bitcoin.
Ethereum treasuries, by contrast, continue to expand. Kendrick said companies holding ETH have already accumulated about 3.1% of the cryptocurrency’s circulating supply since June.
BitMine Immersion Technologies, listed on the NYSE American, is currently the largest ETH-focused DAT with more than 2 million ETH, representing about 5% of supply.
The firm is still only one-third of the way to its target and has continued buying despite the broader market pressure.
Solana treasuries are smaller and less developed, with about 0.8% of the token’s supply held by DATs.
Questions also remain over regulatory treatment, with reports suggesting Nasdaq-listed firms may need shareholder approval before...
https://cryptonews.com/news/ethereum-treasuries-set-to-outperform-bitcoin-and-solana-as-dat-shakeout-looms-standard-chartered/
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