Ethereum is poised to lead in the rise of digital asset treasuries, surpassing Bitcoin and Solana in market pressures. Publicly listed companies holding cryptocurrencies are facing challenges due to falling market valuations. Digital asset treasuries have been a significant trend in 2025, but recent drops in market NAV are causing concerns about sustainability. Standard Chartered predicts a shakeout in the sector, highlighting the importance of cheap funding, liquidity, and staking rewards for success.

Companies holding Ethereum continue to accumulate the cryptocurrency, with BitMine Immersion Technologies leading as the largest ETH-focused DAT. Ethereum treasuries are expanding, while Solana’s are smaller and less developed. Standard Chartered sees Ethereum as better positioned to maintain demand due to staking rewards and regulatory clarity. Ethereum treasuries hold 3.1% of the circulating supply, compared to Bitcoin and Solana.

Standard Chartered believes that Ethereum treasury companies offer more upside potential than spot ETFs. NAV ratios of treasury firms are stabilizing near 1.0, making them attractive for investors seeking ETH exposure. Companies like SharpLink Gaming and BitMine Immersion Technologies hold significant amounts of ETH, contributing to nearly 5 million ETH held by Ethereum treasury companies. U.S.-listed spot ETFs collectively manage 6.69 million ETH, with BlackRock’s ETHA leading with $17.25 billion in assets.

Read more at Yahoo Finance: Ethereum Treasuries Set to Outperform Bitcoin and Solana as DAT Shakeout Looms: Standard Chartered