Standard Chartered Bank: Ethereum will benefit from the buying boom of listed companies more than Bitcoin or Solana

According to ChainCatcher, according to The Block, Geoffrey Kendrick, head of digital asset research at Standard Chartered Bank, said that with the rise of digital asset reserve companies (DAT), Ethereum or Bitcoin and Solana will benefit more. In his report, he pointed out that the recent decline in market net asset value (mNAV) of DAT will force companies to develop differentiatedly and may drive Bitcoin reserve companies to integrate. In contrast, Ethereum and Solana reserve companies may have higher mNAV due to their ability to generate pledge income, and Ethereum reserve companies are more mature and have more obvious advantages. Currently, DAT has held 4% of Bitcoin, 3.1% of Ethereum and 0.8% of Solana, and its holdings have a significant impact on the token price. Kendrick believes that market saturation is the main reason for valuation compression, but DAT still has "selective investment value" because it provides a way for restricted areas to access digital assets. In the future, fundraising capabilities, company size and pledge income will become the key to the differentiation of DAT performance. He added that if some DATs are below the asset value for a long time, it may trigger consolidation, and strategic acquisitions may be more cost-effective than buying coins directly. Overall, DAT will drive Ethereum to outperform Bitcoin and Solana.