Standard Chartered Bank analyst: ETH Treasury is most likely to achieve long-term success

According to BlockBeats, on September 16, Geoff Kendrick, global head of digital asset research at Standard Chartered Bank, pointed out that although the market is concerned about the decline in Bitcoin, Ethereum and Solana's funding pools due to the decline in mNAV (market-to-net-asset ratio), listed companies that buy ETH are most likely to succeed. Geoff Kendrick said in his research report that an mNAV below 1 means that the digital asset fund bank (DAT) may not be able to continue to increase its holdings in the underlying assets. Currently, DAT holds 4.0% of BTC, 3.1% of ETH and 0.8% of SOL on the entire network, and its success or failure has a significant impact on the price of the currency. He expects investors to differentiate based on DAT's cash raising capabilities, fund pool size and currency holding capacity. Based on the nature of ETH and SOL that can generate revenue through staking, Kendrick believes that the mNAV of his DAT will be higher than that of Bitcoin DAT. He is particularly optimistic about the development of Ethereum DAT because it has established its advantages before the new regulations that Nasdaq may require companies to obtain shareholder approval in advance to establish a cryptocurrency. “ETH DAT is the most sustainable and is expected to continue to maintain its acquisition pace,” he stressed. “BitMine, Sharplink and The Ether Machine are all crucial, and the staking proceeds alone should contribute 0.6 points to the mNAV of ETH DAT.”