Ether Seen as Prime Beneficiary of Tokenized Treasuries Over Bitcoin, Solana — StanChart

StanChart: Ether Treasuries Hold Edge Over Bitcoin, Solana as DATs Enter Next Phase

Digital asset treasuries (DATs) with access to low-cost funding, scale, and staking yield are likely to dominate the market going forward — a setup that favors ether and solana over bitcoin, according to Standard Chartered’s Geoff Kendrick.

DATs — public companies that allocate crypto to their balance sheets — have come under pressure in recent weeks as their market net asset values (mNAVs) slipped below 1. Kendrick noted that a declining mNAV ratio erodes the incentive and sometimes even the capacity for these firms to continue purchasing crypto, a dynamic that poses risks to demand for BTC, ETH, and SOL.

Among the major tokens, ether treasuries appear best positioned, Kendrick said, citing staking yields, clearer regulatory pathways, and room for growth. “The DAT landscape is shifting toward differentiation,” he added, pointing out that the firms most likely to thrive are those that can secure funding cheaply, build scale, and earn staking yield — advantages bitcoin treasuries lack.

Bitcoin-focused treasuries are also grappling with market saturation. Strategy, the sector’s largest BTC treasury, has inspired nearly 90 competitors, who now collectively hold more than 150,000 BTC, a sixfold increase this year. With mNAVs under strain, Standard Chartered expects consolidation in the segment, with larger players potentially acquiring smaller rivals rather than accumulating fresh BTC from the open market.

Ether treasuries, in contrast, have been actively expanding. Since June, they have acquired roughly 3.1% of ETH’s circulating supply. The biggest player, Bitmine (BMNR), already controls 2 million ETH and appears well placed to continue growing its holdings. Solana treasuries remain relatively smaller in scale but benefit from yield generation.

For broader markets, these shifts are significant. DAT purchases have been a key driver of crypto prices in 2025. With BTC treasuries facing consolidation and SOL treasuries yet to achieve critical mass, Standard Chartered expects ETH to emerge as the main beneficiary of the next phase in the DAT cycle.

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