According to BlockBeats, Geoff Kendrick, the Global Head of Digital Asset Research at Standard Chartered Bank, highlighted that despite market concerns over the declining mNAV (market value to net asset ratio) of Bitcoin, Ethereum, and Solana treasuries, companies purchasing Ethereum are most likely to succeed.
In his research report, Kendrick explained that an mNAV below 1 indicates that digital asset treasuries (DAT) may struggle to continue accumulating underlying assets. Currently, DATs hold 4.0% of the total Bitcoin, 3.1% of Ethereum, and 0.8% of Solana, significantly impacting their prices. He anticipates that investors will differentiate based on DATs' cash-raising capabilities, treasury size, and asset yield potential.
Kendrick believes that due to the yield-generating nature of Ethereum and Solana through staking, their DATs will have a higher mNAV compared to Bitcoin DATs. He is particularly optimistic about the development of Ethereum DATs, as they have established an advantage before potential new Nasdaq regulations requiring companies to obtain shareholder approval for creating crypto treasuries. "Ethereum DATs have the highest sustainability and are expected to maintain their acquisition pace," he emphasized. "BitMine, Sharplink, and The Ether Machine are crucial, with staking yields alone expected to contribute 0.6 points to Ethereum DAT's mNAV."
