Standard Chartered analysts report that publicly traded companies holding Ethereum on their balance sheets now exhibit more attractive valuation metrics than spot Ether exchange-traded funds (ETFs). In a note published Aug. 6, 2025 at 17:23 UTC, analyst Geoff Kendrick highlighted that both treasury companies and ETF holders acquired approximately 1.6% of circulating ETH supply since June, aligning their exposure levels.
Ethereum treasury firms, including BitMine Immersion Technologies (BMNR) and SharpLink Gaming (SBET), initially saw high NAV multiples—market capitalization divided by the fiat value of ETH held. These multiples have since normalized toward a 1.0 to 1.2 range, indicating that share price now closely tracks underlying ETH holdings. Kendrick expects multiples to stabilize above 1.0 due to ongoing regulatory arbitrage and investor preference for equity-like structures.
By contrast, U.S. spot ETH ETFs face regulatory risks and redemption model constraints, which can introduce liquidity mismatches. Treasury stocks circumvent some ETF redemption complexities and allow investors to gain ETH price exposure while benefiting from corporate governance and dividend potential, according to the research note.
Key findings from Standard Chartered’s analysis include:
- Normalized NAV Multiples: Treasury stocks’ NAV multiples declined from peaks near 2.5 to near parity as share prices adjusted to ETH price movements, enhancing attractiveness for long-term investors.
- Regulatory Arbitrage: Public companies can hold ETH under corporate treasury rules, avoiding certain ETF custody and redemption limitations, while providing transparent audited holdings.
- Capital Structure Benefits: Equity investments in treasury firms may offer upside via share buybacks and operational revenue streams, contrasting with passive ETF structures.
Kendrick maintains a year-end ETH price target of $4,000, noting that institutional demand drivers—such as RWA tokenization and DeFi growth—support continued upside. He recommends investors allocate to top treasury stocks for both capital appreciation and exposure to ETH network effects.
The report points to SnapLink Gaming’s upcoming tokenized staking initiative as a catalyst for further share-price convergence with ETH price, underscoring the sector’s innovation. Treasury plays that integrate staking and yield strategies may capture additional premiums relative to ETFs when DeFi yields rise.
Standard Chartered’s bullish view on treasury companies complements broader market optimism surrounding ETH infrastructure upgrades, Ethereum’s transition to sharded rollups, and anticipated mainstream adoption of smart-contract use cases. The analysis encourages diversified exposure across treasury equities and ETF positions for balanced risk management.
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