Ether Expected to Outperform Bitcoin, Solana in Digital Treasury Adoption, Says StanChart

Standard Chartered: Ether Treasuries Better Positioned Than Bitcoin as DATs Reshape Market

The next wave of digital asset treasuries (DATs) will be defined by firms that can secure low-cost funding, achieve meaningful scale, and generate staking returns — conditions that give ether and solana a structural advantage over bitcoin, Standard Chartered’s Geoff Kendrick said in a recent report.

DATs, publicly traded companies that hold crypto reserves, have seen their market net asset values (mNAVs) fall below 1 in recent weeks. That drop reduces both the incentive and, in some cases, the ability of these firms to keep accumulating digital assets, threatening an important source of demand for BTC, ETH, and SOL.

Ether treasuries stand out as the most resilient, Kendrick argued, citing staking yield, regulatory clarity, and room for further growth. “Differentiation is now key,” he noted, adding that those treasuries able to scale efficiently and capture yield are better positioned than bitcoin-focused peers, which cannot earn staking rewards.

Bitcoin treasuries are also contending with crowding. Strategy — the largest BTC treasury — has inspired nearly 90 similar vehicles, now holding a combined 150,000 BTC, six times more than earlier this year. With mNAVs depressed, Standard Chartered expects consolidation, where larger players may acquire competitors instead of purchasing new BTC on the open market, limiting incremental demand.

Meanwhile, ether treasuries have continued to build positions. Since June, they have purchased about 3.1% of ETH’s circulating supply. Bitmine (BMNR), the leading player, already holds more than 2 million ETH and remains well placed to expand its stack. Solana treasuries, while smaller in size, still benefit from staking economics that bitcoin lacks.

The implications for the broader crypto market are significant. DAT buying has been one of the strongest drivers of BTC and ETH prices this year. But with bitcoin treasuries facing consolidation and solana’s still in early stages, Standard Chartered sees ether as the primary beneficiary of the next phase of digital asset treasury growth.