Ethereum Treasuries Set to Outperform Bitcoin and Solana as DAT Shakeout Looms: Standard Chartered

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0;switch(e){case"expanded_panel":o='{promoMarkup}{notifMarkup}',r=n._store.getNotifications(),a=n._generatePanelMarkup(o,r),i.innerHTML=a;break;case"error_panel":a=(o='{errorMsg}').replace("{errorMsg}",n._config.panel.errorMsg),i.innerHTML=a}t&&t()}else t&&t(new Error("No panel parent"))}},{key:"createPanelParentNode",value:function(e){e&&(e.innerHTML='',this._panelNode=document.getElementById(D))}},{key:"updateBadgeNode",value:function(e){if(e){var t=this._store.getNotifications().newCount,n=this._config.badge.maxCount;if(t){var o=t>n?n+"+":t;e.innerHTML=o}else e.innerHTML=""}}},{key:"addStyles",value:function(e){if(e&&"undefined"!=typeof window){var t=document.getElementById(this._config.panel.styleTagId);t||((t=document.createElement("style")).type="text/css",t.id=this._config.panel.styleTagId,t.innerText=e,document.head.appendChild(t))}}}]),e}(),U=function(){function e(t,n,o){L(this,e);var i=this;i._store=n,i._view=o,i._config=t;var 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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.````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.````Source: Standard Chartered Research``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.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P Futures6,669.00 +1.50 (+0.02%)Dow Futures46,123.00 +4.00 (+0.01%)Nasdaq Futures24,531.50 +9.25 (+0.04%)Russell 2000 Futures2,423.60 +3.30 (+0.14%)VIX16.36 0.00 (0.00%)Gold3,711.80 -13.30 (-0.36%)PortfolioSign in to access your portfolioSign inTop gainersWBTN WEBTOON Entertainment Inc. 20.80 +5.84 (+39.04%)QMMM QMMM Holdings Limited 88.00 +16.25 (+22.65%)BBAI BigBear.ai Holdings, Inc. 5.94 +0.85 (+16.70%)PAGS PagSeguro Digital Ltd. 10.74 +1.04 (+10.72%)PBF PBF Energy Inc. 30.62 +2.70 (+9.67%)Top losersNXTT Next Technology Holding Inc. 23.72 -5.08 (-17.64%)GEMI Gemini Space Station, Inc. 28.13 -4.39 (-13.50%)RKLB Rocket Lab Corporation 47.25 -6.80 (-12.57%)ORLA Orla Mining Ltd. 11.51 -1.27 (-9.94%)CCJ Cameco Corporation 80.23 -6.09 (-7.06%)Most activeOPEN Opendoor Technologies Inc. 8.92 -0.57 (-6.06%)BBAI BigBear.ai Holdings, Inc. 5.94 +0.85 (+16.70%)SNAP Snap Inc. 7.74 +0.28 (+3.75%)NIO NIO Inc. 7.02 +0.53 (+8.17%)NVDA NVIDIA Corporation 174.88 -2.87 (-1.61%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersNIO NIO Inc. 7.02 +0.53 (+8.17%)BIDU Baidu, Inc. 123.79 +8.97 (+7.81%)RIVN Rivian Automotive, Inc. 14.32 +0.72 (+5.29%)BBAI BigBear.ai Holdings, Inc. 5.94 +0.85 (+16.70%)OXY Occidental Petroleum Corporation 47.76 +2.29 (+5.04%)Top economic events