ChainCatcher news, according to The Block, Standard Chartered's Global Head of Digital Assets Research Geoffrey Kendrick stated that Ethereum treasury companies are now "very worthy of investment," being more attractive to investors compared to U.S. spot Ethereum ETFs. The net asset value (NAV) multiple of Ethereum treasury companies — that is, market value divided by the value of held ETH — has currently "begun to normalize," and is expected to remain above 1, making it a superior investment compared to U.S. spot ETH ETFs. Kendrick said: "I don't see any reason for the NAV multiple to be below 1, as I believe these companies provide investors with opportunities for regulatory arbitrage." With the normalization of the NAV multiple, Ethereum treasury companies can offer better opportunities for Ethereum price appreciation, staking yields, and growth per share of ETH compared to U.S. spot ETH ETFs, which currently cannot participate in staking or decentralized finance (DeFi).
Kendrick pointed out that since June, Ethereum asset management companies have purchased 1.6% of all circulating ETH, which is comparable to the purchasing rate of Ethereum ETFs in the same period. This update was released in his report last week, where he predicted that ETH held by asset management companies could grow to 10% of all circulating ETH — equivalent to ten times their holdings at that time.
