Catenaa, Sunday, September 21, 2025-Ethereum-focused digital asset treasuries are expected to benefit more from institutional buying than Bitcoin or Solana, according to Standard Chartered.
Geoffrey Kendrick, the bank’s global head of digital assets research, said the recent collapse in digital asset treasury (DAT) mNAVs will drive market differentiation and consolidation, particularly among Bitcoin treasuries.
DATs are publicly listed companies holding crypto on their balance sheets, providing regulated exposure to digital assets.
Kendrick noted that Ethereum treasuries, due to staking yields and their relative maturity, are better positioned than Solana treasuries.
Currently, DATs hold roughly 4% of Bitcoin, 3.1% of Ethereum, and 0.8% of Solana. Companies like BitMine Immersion, the largest ETH DAT listed on NYSE American, have continued buying, already holding more than 2 million ETH, around 5% of supply.
Kendrick highlighted three key drivers for DAT success: funding efficiency, size, and yield generation. Bitcoin-focused DATs face saturation, limiting fresh buying power and making consolidation likely if firms trade below asset value for extended periods. Solana treasuries remain less developed and face added regulatory uncertainty after Nasdaq reportedly suggested shareholder approval may be required for crypto purchases.
Overall, Kendrick concluded that Ethereum treasuries appear more resilient and could be a stronger price driver going forward. The findings suggest institutional flows may increasingly influence token performance, favoring Ethereum over other major cryptocurrencies in 2025.
