Standard Chartered Bank Analyst: Believes ETH Treasury Company Most Likely to Achieve Long-Term Success

BlockBeats News, September 16, Standard Chartered Bank's Global Head of Digital Asset Research, Geoff Kendrick, pointed out that despite concerns in the market about the decline in mNAV (Market Value to Net Asset Value Ratio) for Bitcoin, Ethereum, and Solana treasury, companies listing ETH are most likely to succeed.

In the research report, Geoff Kendrick stated that an mNAV below 1 means that Digital Asset Treasuries (DAT) may not be able to sustainably increase their holdings of underlying assets. Currently, DAT holds 4.0% of the total BTC network, 3.1% of ETH, and 0.8% of SOL, with their success or failure having a significant impact on the coin price. He expects investors to differentiate based on DAT's cash-raising ability, treasury size, and holding income-generating capability.

Based on the income-generating feature of staking ETH and SOL, Kendrick believes that the mNAV of their DAT will be higher than the Bitcoin DAT. He is particularly bullish on the development of Ethereum DAT, as its advantage has been established before Nasdaq's new rule requiring companies to obtain shareholder approval before setting up a crypto treasury. "ETH DAT has the highest sustainability and is expected to continue its acquisition pace," he emphasized. "BitMine, Sharplink, and The Ether Machine are crucial, and staking income alone should contribute 0.6 points to ETH DAT's mNAV."