Standard Chartered Says Ethereum Treasuries Emerge as Strongest Bet | US Crypto News
Standard Chartered Says Ethereum Treasuries Emerge as Strongest Bet | US Crypto News
- Ethereum treasuries gain edge with staking yields boosting mNAVs, positioning ETH-based DATs as stronger institutional bets than Bitcoin or Solana treasuries.
- Standard Chartered highlights scale, funding, and regulation as key differentiators, with Ethereum DATs benefiting from established presence and flexibility outside Nasdaq requirements.
- Institutional flows may favor ETH treasuries as consolidation pressures weigh on Bitcoin DATs, potentially reducing net demand across competing treasury vehicles.
Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.
Grab a coffee because the conversation around digital asset treasuries is unexpectedly shifting. Once seen as struggling vehicles weighed down by falling valuations, they may now hold the key to where institutional crypto demand flows next.
Crypto News of the Day: Standard Chartered Sees Ethereum Treasuries as the Strongest Bet in Digital Assets
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Digital asset treasuries (DATs), listed companies holding cryptocurrencies on their balance sheets, have been under pressure in recent months. This came as falling market NAVs (mNAVs) dragged share prices lower.
However, according to Geoff Kendrick, Head of Digital Asset Research at Standard Chartered, the turbulence may signal not decline but opportunity.
“Rather than signalling the end of DATs, I think this creates an opportunity for differentiation,” Kendrick said in an email.
He outlined three key drivers that will separate successful players from the rest: cost of funding, scale, and yield.
Kendrick argues that Ethereum-based DATs are best positioned to thrive. While Bitcoin DATs account for around 4% of BTC supply, Ethereum DATs hold 3.1% of ETH.
According to the Standard Chartered executive, staking yields are an added benefit for Ethereum-based DATs, giving them a structural advantage.
“We think ETH and SOL DATs should be assigned higher mNAVs than BTC DATs due to staking yield,” he noted.
Bitmine’s Tom Lee estimates that staking yield alone could add 0.6 points to Ethereum DATs’ mNAVs, bolstering sustainability.
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A higher mNAV signals a business model capable of purchasing more crypto, while lower ratios raise risks of consolidation.
According to Kendrick, this process would likely mean coin rotation, not fresh buying.
Funding, Scale, and Regulation
In Kendrick’s view, cheap and creative financing, such as convertible debt, reported in a recent US Crypto News publication, can tilt the balance in favor of certain DATs.
Size also matters, with the largest firms tending to sustain higher mNAVs. Consolidation could accelerate this dynamic, with weaker Bitcoin treasuries potentially giving way to larger, more sustainable competitors.
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Regulation adds another wrinkle. Ethereum DATs are seen as more established than Solana-based peers. This is amid reports that Nasdaq may require shareholder approval for crypto purchases.
The largest ETH DAT, BMNR, is not Nasdaq-listed, allowing it to pursue strategies pre-approved by investors.
With DATs collectively holding 4.0% of Bitcoin, 3.1% of Ethereum, and 0.8% of Solana, their strategies directly affect market flows.
Kendrick stressed that higher mNAVs in Ethereum treasuries could translate into continued ETH buying at scale. By contrast, Bitcoin DATs face headwinds, with consolidation likely reducing net demand.
“As a result, we see DATs as being a more positive driver for ETH than BTC or SOL going forward,” Kendrick said.
While DATs remain under scrutiny, Ethereum’s staking yield, established presence, and relative insulation from regulatory hurdles may put it in pole position to shape the next phase of institutional crypto accumulation.
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Here’s a summary of more US crypto news to follow today:
- Bitwise joins VanEck and Grayscale in race to launch Avalanche (AVAX) ETF.
- Fidelity predicts massive Bitcoin supply crunch—28% to vanish from market.
- Is crypto’s ‘magnificent seven’ emerging through speculation superapps?
- Are corporate Bitcoin Treasuries risking shareholder value in the long run?
- Tether CEO Paolo Ardoino’s jibe exposes the EU’s digital currency struggles.
- XRP rally collapses; futures bets signal more pain ahead.
- Is September the turning point for Pump.fun and its PUMP token?
- Base emerges as a major L2 contender with Solana Bridge and token plans.
Crypto Equities Pre-Market Overview
| Company | At the Close of September 15 | Pre-Market Overview |
| Strategy (MSTR) | $327.79 | $328.20 (+0.13%) |
| Coinbase (COIN) | $327.02 | $328.27 (+0.38%) |
| Galaxy Digital Holdings (GLXY) | $30.77 | $30.85 (+0.26%) |
| MARA Holdings (MARA) | $16.24 | $16.23 (-0.092%) |
| Riot Platforms (RIOT) | $16.68 | $16.78 (+0.60%) |
| Core Scientific (CORZ) | $16.32 | $16.40 (+0.49%) |
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