According to BlockBeats, Standard Chartered Bank's Global Head of Digital Asset Research, Geoffrey Kendrick, stated on August 7th that Ethereum treasury companies are now "very worthy investments" and more attractive to investors than US spot Ethereum ETFs. Ethereum treasury companies' net asset value (NAV) multiples—market capitalization divided by the value of ETH held—are "beginning to normalize" and are expected to remain above 1, making them superior investments to US spot ETH ETFs. Kendrick stated, "I see no reason for the NAV multiple to be below 1.0, as I believe these companies offer investors regulatory arbitrage opportunities." With normalized NAV multiples, Ethereum treasury companies offer better opportunities for Ethereum price appreciation, staking yields, and per-share ETH growth than US spot ETH ETFs, which currently lack access to staking or decentralized finance (DeFi).
Kendrick noted that Ethereum Money Managers have purchased 1.6% of all circulating ETH since June, matching the pace of purchases by ETH ETFs over the same period. This update follows his report from last week, in which he predicted that ETH Money Managers’ holdings could grow to 10% of all circulating ETH—a tenfold increase from their holdings at the time.
