Ether, Treasury Holders of ETH Trading Below Fair Value After Sell-Off, Bank Notes

Standard Chartered Sees Ether and ETH Treasuries as Undervalued After Pullback

Ether (ETH) and companies with large ETH holdings remain attractively priced despite the recent market correction, according to Standard Chartered’s global head of digital assets research, Geoff Kendrick.

Kendrick said Tuesday that since early June, ETH treasury firms have acquired about 2.6% of circulating supply, while combined with ETF inflows, the figure rises to 4.9%. The wave of demand helped drive ETH to an all-time high of $4,955 on Aug. 24.

He expects the buying trend to continue, noting that treasuries could ultimately hold 10% of ETH supply. Kendrick reaffirmed his year-end price target of $7,500, framing the recent drop below $4,500 as an attractive entry point.

On valuations, Kendrick pointed out that mNAV multiples for firms such as Sharplink Gaming and Bitmine Immersion have fallen below MicroStrategy’s (MSTR), even though ETH treasuries benefit from a 3% staking yield while MSTR does not. He highlighted Sharplink’s recent pledge to repurchase shares if its NAV multiple drops below 1.0, saying this creates a “hard floor” for valuations.

ETF Flows Hold Strong

Despite an 8% decline in ETH on Monday — roughly four times bitcoin’s loss — ETFs saw $444 million in inflows, led by BlackRock’s iShares Ethereum Trust (ETHA) with $315 million, Farside Investors reported. That followed $338 million in inflows on Friday after dovish remarks from Fed Chair Jerome Powell.

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