Ethereum Treasury Firms Outshine US ETFs with Bigger Yields and Growing Market Share

Standard Chartered believes Ethereum treasury firms are outperforming US spot ETFs by providing superior yield opportunities and strong net asset value multiples. Analyst Geoffrey Kendrick said these firms are now an “investable” way to access ETH’s price growth, staking returns, and DeFi-related advantages that spot ETFs in the US currently lack.

The key factor making these companies attractive is the normalisation of their net asset value (NAV) multiples, calculated by dividing their market capitalisation by the value of ETH held.

These multiples have now settled slightly above 1, indicating that the firms are no longer overvalued and have become more investable. Kendrick told The Block that this normalisation allows investors to better capitalise on ETH appreciation through these firms.

SharpLink Gaming (SBET), a Consensys-backed firm with links to Ethereum co-founder Joe Lubin, exemplifies this trend. Its NAV multiple has declined from a peak of 2.5 to just above 1.0, showing a closer alignment between market capitalisation and the value of ETH held. Kendrick added that this makes treasury companies an attractive alternative due to their regulatory positioning.

I see no reason for the NAV multiple to go below 1.0 because I see these firms as providing regulatory arbitrage opportunities for investors.

Geoffrey Kendrick, Global Head of Digital Assets Research, Standard Chartered

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Institutional Demand Boosts Ethereum Accumulation

Both ETH treasury firms and US ETFs have acquired around 1.6% of the total ETH supply since June, indicating that these companies are matching ETFs in terms of market accumulation. Kendrick said this buying trend reflects growing institutional demand and supports the idea that ETH treasuries are gaining momentum.

Leading the space is BitMine Immersion Technologies (BMNR), which holds nearly US$3 billion (AU$4.60 billion) in ETH and is targeting ownership of 5% of all Ethereum in circulation. SharpLink follows with approximately US$1.9 billion (AU$2.91 billion) in ETH holdings.

Kendrick forecasts ongoing expansion in this sector and maintains Standard Chartered’s end-of-year ETH target of US$4,000 (AU$6,128), with the coin currently trading at US$3,652 (AU$5,597), a 2% rise in the past day.

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