StanChart Sees Ether Treasuries Outpacing Bitcoin as DATs Enter Consolidation Phase
Digital asset treasuries (DATs) with access to cheap capital, large-scale operations, and staking yields will emerge strongest, giving ether and solana an edge over bitcoin, Standard Chartered’s Geoff Kendrick wrote in a new report.
DATs — listed firms that hold crypto on their balance sheets — have struggled recently as market net asset values (mNAVs) slipped below 1. Kendrick noted that when the ratio falls, these companies lose both motivation and capacity to expand holdings, reducing a critical demand source for BTC, ETH, and SOL.
Ether treasuries appear best positioned to weather the downturn, supported by yield opportunities, regulatory clarity, and greater growth potential. “The sector is shifting toward differentiation,” Kendrick said, adding that success will hinge on securing low-cost funding, attracting liquidity, and generating staking returns — advantages bitcoin lacks.
The BTC treasury segment has become crowded. Strategy, the leading player, has spurred nearly 90 imitators who now collectively hold more than 150,000 BTC, a sixfold rise in 2025. With mNAVs under pressure, StanChart expects consolidation, where dominant firms could acquire smaller rivals rather than buy additional bitcoin from the market.
Ether treasuries, by contrast, have been building aggressively. Since June, they’ve purchased around 3.1% of ETH’s supply. Bitmine (BMNR), the largest participant, already controls more than 2 million ETH and is positioned to keep expanding. Solana treasuries, while smaller, also benefit from staking-based returns.
For crypto markets, the shift is meaningful. DAT accumulation has fueled BTC and ETH gains this year, but with bitcoin treasuries consolidating and solana’s footprint still limited, Standard Chartered expects ether to emerge as the biggest winner in the next phase of digital asset treasury growth.
