According to The Block, Geoffrey Kendrick, global head of digital asset research at Standard Chartered, said that Ethereum will benefit more from the rise of digital asset treasury (DAT) companies than BTC and Solana.
In a report published on Monday, Kendrick noted that the recent sharp decline in DAT's mNAV, the ratio of enterprise value to cryptocurrency holdings, will force a divergence among companies and may drive consolidation, particularly among Bitcoin treasury companies. In contrast, Ethereum and Solana treasury companies should receive higher mNAVs due to their ability to generate collateral returns, but Ethereum is in a stronger position.
According to statistics, DAT currently holds 4% of all BTC, 3.1% of ETH and 0.8% of SOL. Kendrick believes that the success of DAT in the future will be based on three factors: financing capacity, size and yield. Among them, Ethereum treasury company is more resilient due to the advantage of pledge income. The largest ETH DAT company, BitMine Immersion, has held more than 2 million ETH.
Standard Chartered: Ethereum will benefit more from the rise of DAT companies than BTC and Solana
2025-09-16 01:46:43
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