New research from Standard Chartered Bank indicates that Ethereum treasury companies have acquired 1.6% of the circulating ETH supply since June, equalling the cumulative inflows into U.S. spot Ethereum exchange-traded funds over the same period. The findings highlight a shift in institutional allocation strategies favoring direct corporate holdings over passive ETF exposure due to staking yield opportunities and DeFi participation benefits.
Standard Chartered’s Head of Digital Asset Research, Geoffrey Kendrick, noted that treasury entities enjoy dual advantages: they can engage in protocol staking to earn annual yields and leverage collateral in decentralized finance applications. In contrast, ETF holders lack on-chain access and foregoing staking rewards. As a result, treasury companies offer a more versatile and higher-return proposition.
The report projects that treasury allocations could rise to 10% of total ETH supply if current trends persist, outpacing similar Bitcoin reserve ratios seen among corporate treasuries. SharpLink Gaming (SBET) was identified as a prominent corporate holder, emblematic of broader adoption among tech and gaming firms seeking crypto utility for strategic operations.
Market participants view this development as a sign of deepening institutional integration of digital assets into corporate balance sheets. The flexibility afforded by direct treasury holdings is expected to drive further Ethereum accumulation, especially as staking yields remain above 3%. Meanwhile, ETF flows may moderate if investors perceive on-chain treasury models as superior alternatives.
Standard Chartered forecasts treasury-driven demand to underpin ETH price support, with potential upside if decentralized applications continue to expand. However, the bank cautions that regulatory clarity around staking token classification and tax treatment will be critical to sustaining institutional momentum.
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