Standard Chartered Analyst Says ETH Treasury Stocks Outperform ETFs

Standard Chartered analyst Geoff Kendrick stated that companies purchasing ether (ETH) for treasury strategies present a better investment opportunity than ETH spot exchange-traded funds (ETFs).

These firms attract attention due to their holdings and improving financial structures.
NAV multiples for ETH treasury companies are normalizing, making them more investable.
Following Michael Saylor's BTC buying strategy, many publicly traded firms have increased their share prices.
Top firms include BitMine Immersion Technologies (BMNR) and SharpLink Gaming (SBET), with SBET’s NAV multiple declining from 2.50 to near 1.0.
Kendrick predicts NAV won't fall below 1.0, as these firms offer regulatory arbitrage opportunities.
Since June, both treasury companies and U.S.-listed ETFs hold about 1.6% of the total circulating ETH supply.
Kendrick maintains a year-end price target of $4,000 for ETH, currently trading at $3,652, up 2% in the last 24 hours.

NAV multiple of SBET. (Standard Chartered)