Ethereum Treasury Stocks Outperform Spot ETH ETFs, Finds Standard Chartered

Standard Chartered’s global head of digital assets research, Geoffrey Kendrick, presented a comparative analysis of market-listed Ethereum treasury companies versus U.S. spot ETH exchange-traded funds. His findings reveal that treasury firms like SharpLink Gaming (SBET) and BitMine Immersion Technologies (BMNR) have each accumulated approximately 1.6% of Ethereum’s circulating supply since June 1, matching the pace of ETF inflows. Meanwhile, spot ETH ETFs have faced shifting regulatory and structural constraints that limit yield generation and DeFi participation.

Kendrick highlighted net asset value (NAV) multiples—the ratio of market cap to underlying ETH holdings—as the key metric. Treasury companies’ NAV multiples have normalized to just above 1.0, a level he views as a floor, given these firms’ access to staking rewards (approximately 3–4% annualized yields) and decentralized finance leverage. In contrast, U.S. ETFs cannot stake Ether or deploy assets in DeFi protocols, placing them at a relative disadvantage despite higher daily trading volumes.

The analyst pointed to SharpLink Gaming’s NAV multiple trajectory as illustrative: after an initial peak of 2.5, the multiple eased to near 1.0, reflecting both market consolidation and investor confidence in predictable ETH exposure. Kendrick argued that treasury companies now represent a “regulatory arbitrage” opportunity, offering on-chain utility and yield without requiring investors to navigate complex custodian approvals for staking or DeFi interactions.

Standard Chartered reaffirmed its year-end ETH price target of $4,000, noting that corporate treasury strategies are outpacing ETF inflows in terms of price support. The report cautioned that regulatory developments—such as potential SEC guidelines on staking yield and CFTC jurisdiction over ETH derivatives—could influence market dynamics in H2 2025. However, current trends favor treasury-listed firms for investors seeking price upside, yield, and direct ETH per-share growth.

Market participants responded positively to the report’s release: shares of SBET and BMNR traded up 2–3% in the following session. Meanwhile, spot ETF products saw modest outflows, reflecting investor rotation toward higher-yielding, on-chain asset strategies. As Ethereum staking infrastructure matures and liquid staking protocols gain clarity, treasury firms may continue to capture institutional attention, cementing their role in the evolving landscape of Ethereum investment vehicles.