TechFlow news, September 16 — According to The Block, Geoffrey Kendrick, Head of Global Digital Assets Research at Standard Chartered, said Ethereum stands to benefit more than BTC and Solana from the rise of digital asset treasury (DAT) companies.
Kendrick noted in a report released on Monday that the recent sharp decline in mNAV (market value to crypto holdings ratio) among DAT companies will force differentiation among them and could drive consolidation, particularly among Bitcoin treasury firms. In contrast, Ethereum and Solana treasury companies should command higher mNAVs due to their ability to generate staking yields, with Ethereum being in a stronger position.
Data shows DAT companies currently hold 4% of all BTC, 3.1% of ETH, and 0.8% of SOL. Kendrick believes the future success of DAT companies will depend on three factors: fundraising capability, scale, and yield. Among these, Ethereum treasury companies demonstrate greater resilience thanks to their staking yield advantage. BitMine Immersion, the largest ETH DAT company, already holds over 2 million ETH.
