Standard Chartered says Ethereum to benefit more from DAT buying than Bitcoin or Solana

Ethereum is likely to benefit more than Bitcoin or Solana from the rise of digital asset treasury (DAT) companies, according to Geoffrey Kendrick, Standard Chartered’s global head of digital assets research.

In a report published Monday, Kendrick said the recent sharp drop in DATs’ mNAVs (the ratio of enterprise value to crypto holdings) will force differentiation among firms and could drive consolidation, particularly among Bitcoin treasuries. By contrast, Ethereum and Solana treasuries should command higher mNAVs because they generate staking yields, though Kendrick noted Ethereum is better positioned than Solana as ETH treasuries are more established.

Digital asset treasuries — publicly listed companies that hold crypto on their balance sheets — have come under pressure in recent weeks. Share prices have slumped as their mNAVs collapsed, raising doubts about the sustainability of their buying power. DATs need to trade at a premium to the value of their holdings to keep raising money and accumulating coins.

According to Kendrick, DATs already hold 4% of all BTC, 3.1% of ETH, and 0.8% of SOL. With such large positions, the success or failure of treasuries has significant implications for token prices.

Kendrick pointed to market saturation as the main reason for the recent compression in valuations. Still, he said DATs remain “selectively investible,” largely because they offer a way to access digital assets in jurisdictions where direct exposure is restricted. Looking ahead, he expects performance to diverge based on three factors: funding, size, and yield.

“Going forward, we expect DAT success (measured by mNAVs) to be increasingly differentiated, based on three drivers: (1) funding – the ability to raise funds as cheaply as possible; (2) size – largest in breed may achieve a higher mNAV; and (3) yield – we think ETH and SOL DATs should be assigned higher mNAVs than BTC DATs due to staking yield,” Kendrick said.

He added that consolidation is likely if some DATs trade below asset value for an extended period. In that case, it could be cheaper for Strategy to acquire rivals than to keep buying coins directly. Such deals would be most relevant for Bitcoin treasuries and would simply rotate holdings within the DAT ecosystem rather than add new net demand, he said.

DATs have been a key driver of Bitcoin and Ethereum prices in 2025, and to a lesser extent Solana. But Bitcoin-focused firms look most exposed, with saturation and consolidation curbing their ability to generate fresh flows, Kendrick said. Solana treasuries remain less developed and face added uncertainty after Nasdaq reportedly signaled companies may need shareholder approval before buying crypto.

Ethereum treasuries appear more resilient. BitMine Immersion (ticker BMNR), the largest ETH DAT and listed on NYSE American, has continued buying after securing approval for its strategy. It already holds more than 2 million ETH — about 5% of supply — yet is only a third of the way to its target.

“In a relative sense, we see DATs as being a more positive driver for ETH than for BTC or SOL going forward,” Kendrick concluded.

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