Standard Chartered Bank: Ethereum will benefit more from the rise of DAT companies than BTC and Solana

According to Huobi HTX, Geoffrey Kendrick, global head of digital asset research at Standard Chartered Bank, said that Ethereum will benefit more from the rise of Digital Asset Treasury (DAT) companies compared to BTC and Solana. Kendrick noted in a report released on Monday that the recent sharp decline in mNAV of DAT companies (the ratio of enterprise value to cryptocurrency holdings) will force differentiation among companies and may drive integration, especially among Bitcoin Treasury companies. In contrast, Ethereum and Solana Treasury should obtain higher mNAV because they can generate staking income, but Ethereum has a more stable position. According to statistics, DAT currently holds 4% of all BTC, 3.1% of ETH and 0.8% of SOL. Kendrick believes that the future success of DAT companies will be based on three factors: financing capacity, size and yield. Among them, Ethereum Treasury Company is more resilient due to its pledge income advantages. BitMine Immersion, the largest ETH DAT company, has held more than 2 million ETHs.