Standard Chartered: Ethereum Will Benefit More From Public Companies' Buying Boom Than One Bitcoin or Solana

On September 16th, according to The Block, Geoffrey Kendrick, head of digital asset research at Standard Chartered, said that with the rise of digital asset reserve companies (DAT), Ethereum or Bitcoin and Solana will benefit more. He pointed out in the report that the recent decline in the market net asset value (mNAV) of DAT will force the company to differentiate and may promote the consolidation of Bitcoin Reserve. In contrast, Ethereum and Solana Reserve companies may have higher mNAV due to their ability to generate collateral returns, and Ethereum Reserve companies are more mature and have more obvious advantages.
At present, DAT already holds 4% of Bitcoin, 3.1% of Ethereum and 0.8% of Solana, and the size of its holdings has a significant impact on the price of the tokens. Kendrick believes that market saturation is the main reason for the valuation compression, but DAT still has "selective investment value" because it provides access to digital assets in restricted areas. In the future, the ability to raise funds, the size of the company and the income of the pledge will be the key to the differentiation of DAT's performance. He added that if some DATs are below the asset value for a long time, it may trigger consolidation, and strategic acquisitions may be more cost-effective than direct coin purchases. Overall, DAT will drive Ethereum to outperform Bitcoin and Solana.