Analysts at Standard Chartered, led by global head of digital assets research Geoffrey Kendrick, project that Ethereum (ETH) will emerge as the primary beneficiary from the rise of digital asset treasuries (DATs), outperforming both Bitcoin (BTC) and Solana (SOL). This outlook comes as DATs—publicly listed companies holding cryptocurrencies on their balance sheets—face mounting pressure from declining market-to-net asset value (mNAV) ratios, which have recently fallen below 1 for many firms, impairing their ability to raise funds for further token acquisitions.
Kendrick's report highlights three critical factors for DAT sustainability: access to cheap funding, scale that attracts liquidity, and the ability to generate staking yield. Ethereum and Solana DATs hold an advantage over Bitcoin-focused ones due to their capacity to earn staking rewards. "We think ETH and SOL DATs should be assigned higher mNAVs than BTC DATs due to staking yield," Kendrick stated.
The Bitcoin DAT sector, inspired by MicroStrategy's accumulation model, has become saturated with nearly 90 companies collectively holding over 150,000 BTC—six times more than at the start of 2025. Standard Chartered anticipates consolidation in this space, with larger players potentially acquiring smaller ones, though this would represent coin rotation rather than new demand for Bitcoin.
In contrast, Ethereum DATs continue to expand aggressively. Companies now hold about 3.1% of ETH's circulating supply, with BitMine Immersion Technologies (ticker: BMNR) leading as the largest ETH-focused DAT, boasting 2.15 million ETH (worth $9.7 billion) or roughly 5% of supply. BitMine is only one-third of the way to its target and continues buying despite market pressures. Solana DATs are smaller, holding just 0.8% of supply, and face regulatory uncertainties, including potential Nasdaq requirements for shareholder approval before crypto allocations.
Kendrick concluded that Ethereum DATs have the highest probability of long-term sustainability, driven by staking yields, a clearer regulatory outlook, and aggressive accumulation strategies. ETH is currently trading at $4,492, down 2.6% on the day but up over 150% since July, bolstered by institutional adoption and ETF inflows.