Ether Treasuries Gain Edge Over Bitcoin and Solana: Standard Chartered

Recent trends show digital asset treasuries (DATs) experiencing declines as their market NAVs (mNAVs) fall below 1, according to Standard Chartered's Geoff Kendrick.

Ether (ETH) DATs are expected to remain strong due to staking yield, regulatory clarity, and growth potential.
A falling mNAV reduces the incentive for DATs to purchase more crypto, impacting demand for Bitcoin, Ether, and Solana.
The future for DATs will focus on differentiation, with success determined by low-cost funding, scalability, liquidity, investor interest, and earning staking yields. Ether and Solana benefit from this over Bitcoin.
There is increasing market saturation with many firms holding significant BTC, which could lead to consolidation if mNAVs remain low.
BTC treasuries might opt for acquisitions instead of new market purchases, indicating a shift in strategy towards existing holdings.
Ether treasuries have been actively accumulating ETH, with Bitmine leading with a substantial holding.

This trend is important for crypto markets since DAT buying has significantly influenced Bitcoin and Ether prices in 2025. As BTC treasuries face consolidation and Solana treasuries remain smaller, ETH stands to gain the most.