Ethereum Treasuries Set to Outperform Bitcoin and Solana as DAT Shakeout Looms: Standard Chartered

Group 1 - Ethereum is positioned to benefit the most from the rise of digital asset treasuries (DATs), outperforming Bitcoin and Solana as market pressures increase [1][2] - Digital asset treasuries have been a significant investment trend in 2025, contributing to rising crypto prices earlier in the year [2] - Companies holding cryptocurrencies face pressure from declining market valuations, impacting their ability to raise funds through trading at a premium to market NAV (mNAV) [2][3] Group 2 - Many DATs have seen their mNAVs drop below 1, raising concerns about sustainability and their capacity to acquire additional tokens [3] - Success in the DAT sector will depend on three factors: the ability to raise cheap funding, scale to attract liquidity, and generation of staking yield [3] - Ethereum and Solana treasuries have advantages over Bitcoin due to the staking rewards they offer [5] Group 3 - Standard Chartered anticipates consolidation in the Bitcoin-focused DAT sector, with larger players potentially acquiring smaller firms [7] - Nearly 90 companies have launched Bitcoin-focused models, collectively holding over 150,000 BTC, which is six times more than at the beginning of the year [7] - In contrast, Ethereum treasuries are expanding, with companies accumulating approximately 3.1% of Ethereum's circulating supply since June [7]