Ether (ETH) and ETH treasury companies are considered cheap by Standard Chartered’s Geoff Kendrick. Treasury companies have bought 2.6% of all ETH since June, along with ETF inflows, totaling 4.9%. The second-largest cryptocurrency hit an all-time high of $4,955. Kendrick predicts treasury companies will eventually own 10% of ETH. Despite recent price drops, he maintains a year-end target of $7,500 for ether.

Kendrick notes that the valuation of ether treasury companies is normalizing. The mNAV multiples for Sharplink Gaming and Bitmine Immersion have fallen compared to Michael Saylor’s Strategy (MSTR). With the ability to capture ETH staking yield, Kendrick believes the mNAV multiples should be higher. The SBET announcement adds a floor to the ETH treasury multiples.

Despite market volatility, ETFs saw $444 million inflows on Monday, led by BlackRock’s iShares Ethereum Trust ($315 million). Inflows continued on Friday following remarks by Fed Chair Jerome Powell. Kendrick suggests that Ethereum treasury stocks may be a better buy than ETH ETFs.

Read more at Yahoo Finance: Ether and ETH Treasury Companies Look Undervalued After Plunge: Standard Chartered