Catenaa, Friday, August 29, 2025-Standard Chartered said Ethereum and companies holding ether on their balance sheets remain undervalued despite record prices and rising inflows.
Geoffrey Kendrick, the bank’s head of digital assets research, said Tuesday that Ethereum digital asset treasury firms have acquired about 2.6% of circulating supply since June.
Spot ETH exchange-traded funds absorbed another 2.3%, meaning nearly 5% of ether has been purchased in less than three months.
The surge helped drive ETH to an all-time high of $4,955 on Aug. 24. Yet Kendrick argued that ether and treasury companies remain cheap at current levels, noting valuations trail bitcoin-focused firms such as MicroStrategy even though Ethereum holdings generate staking yields of about 3%.
Standard Chartered projects treasury firms could eventually control 10% of ether supply, with BitMine Immersion alone targeting half that share.
The researcher highlighted SharpLink Gaming and BitMine as trading below fair value, pointing to recent buyback signals as potential support for valuations.
Kendrick maintained his year-end price target of $7,500 for ETH and forecast a rise to $25,000 by 2028. He framed the recent pullback to $4,530 as a strong entry point.
His bullish stance extends across digital assets, with projections of bitcoin reaching $200,000 this year and $500,000 by 2028.
He also expects surges in BNB, Avalanche and XRP, alongside rapid stablecoin growth that could push the market toward $2 trillion within three years.
