A recent study from Standard Chartered reveals that companies holding ETH treasury firms vs ETH ETFs directly in their treasuries may offer more attractive investment opportunities than those exposed via spot ETFs. Both strategies acquired around 1.6% of ETH’s total circulating supply since June, but treasury firms provide additional upside through yield and structural advantages.
Insights from Standard Chartered
Geoffrey Kendrick, the Global Head of Digital Assets Research at Standard Chartered, highlighted key reasons why treasury firms now present better value:
- Normalized NAV Multiples: Companies like SharpLink Gaming (SBET) are trading near a NAV multiple of 1.0, suggesting fair valuation relative to their ETH holdings.
- Staking Rewards & Utility Exposure: Unlike ETFs, these firms earn staking returns and active yield through DeFi strategies.
Kendrick said: “These firms offer regulatory arbitrage opportunities… Given NAV multiples just above 1, we see them as better assets than U.S. spot ETH ETFs.”
Institutional Accumulation Accelerates
Corporate ETH treasury holdings have surged dramatically:
- Public companies now collectively hold over 966,000 ETH (~$3.5 billion), up from under 116,000 ETH at the end of 2024.
- At the same time, ETH treasuries closed the gap with ETFs by nearly 30x—from $120M vs. $12B at the start of the year to $6.2B vs. $21.4B by July.
- Treasury firms added 545,000 ETH (~$1.6B) in July alone.
Rising names include BitMine Immersion, SharpLink Gaming, The Ether Machine, Bit Digital, and GameSquare, with holdings often exceeding $100M in ETH.
ETF Market Volatility vs. Treasury Stability
ETH ETFs saw record inflows in July (over $5.4B), only to suffer massive $465M outflows in early August.These swings highlight structural risks in passive ETF vehicles that treasury firms bypass—
—offering sustained exposure via staking, active yield, and NAV alignment.
Price Outlook & Forecast
Standard Chartered reaffirmed its $4,000 year-end price target for ETH, citing rising institutional demand and the added benefit from staking and treasury accumulation dynamics.
What It Means for Investors
- Institutional Portfolio Builders may find ETH treasury companies offer better upside and yield than ETFs.
- Retail Investors seeking exposure to ETH could consider investing indirectly via these firms—for both growth and staking income.
- Watch for Catalysts: SharpLink’s Q2 earnings (expected August 15) could validate this trend in institutional investor preference
Conclusion
Standard Chartered’s findings point to a paradigm shift: ETH treasury firms are emerging as superior investment vehicles compared to traditional ETFs—thanks to fair pricing, staking rewards, and strategic positioning. As Ethereum continues scaling, these corporate plays may redefine institutional and retail investment strategies alike.