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Bullish
💼 Institutional Doubt Grows — Ethereum ETFs Snubbed for Safer Treasury Plays
Geoffrey Kendrick of Standard Chartered believes Ethereum treasury businesses provide "regulatory arbitrage opportunities" that make them better investments than ETH ETFs.
Since launching in June, these firms have acquired 1.6% of ETH, like ETH ETFs.
ETH might confirm another bullish pennant if it breaks $4,100 crucial barrier.
Ethereum (ETH) rose 3% on Wednesday after Standard Chartered said public organizations using the cryptocurrency as their main reserve asset are better investments than US spot ETH ETFs.
Standard Chartered's global director of digital asset analysis, Geoffrey Kendrick, says Ethereum treasury firms are a superior investment than ETH ETFs since their NAV multiples have normalized above 1.
"Given NAV multiples are currently just above 1 I see the ETH treasury companies as a better asset to buy than the US spot ETH ETFs," said.
"This normalization of the net asset value multiple makes the treasury companies now very investable for investors seeking access to ETH price appreciation, increasing ETH per share [...] and access to staking rewards," he said. "I see no reason for the NAV multiple to go below 1.0 because I see these firms as providing regulatory arbitrage opportunities for investors."
ETH ETFs in the US do not stake and deploy assets over decentralized finance (DeFi) protocols, although most ETH treasury firms do.
Kendrick noted that Ethereum treasury businesses had bought 1.6% of ETH in circulation since June, matching their ETF counterparts' purchasing power. More than 833,100 and 521,900 ETH were held by BitMine Immersion (BMNR) and SharpLink Gaming (SBET) earlier in the week.
SoSoValue data shows US spot Ethereum ETFs inflows of $73.22 million on Tuesday following two days of outflows.
Over the previous 24 hours, Coinglass data showed $61.67 million in Ethereum futures liquidations. Long liquidations totaled $21.20 million and short liquidations $40.47 million.
#ETH #Notcoin #BuiltonSolayer #Succinct #CFTCCryptoSprint $ETH $BTC
Geoffrey Kendrick of Standard Chartered believes Ethereum treasury businesses provide "regulatory arbitrage opportunities" that make them better investments than ETH ETFs.
Since launching in June, these firms have acquired 1.6% of ETH, like ETH ETFs.
ETH might confirm another bullish pennant if it breaks $4,100 crucial barrier.
Ethereum (ETH) rose 3% on Wednesday after Standard Chartered said public organizations using the cryptocurrency as their main reserve asset are better investments than US spot ETH ETFs.
Standard Chartered's global director of digital asset analysis, Geoffrey Kendrick, says Ethereum treasury firms are a superior investment than ETH ETFs since their NAV multiples have normalized above 1.
"Given NAV multiples are currently just above 1 I see the ETH treasury companies as a better asset to buy than the US spot ETH ETFs," said.
"This normalization of the net asset value multiple makes the treasury companies now very investable for investors seeking access to ETH price appreciation, increasing ETH per share [...] and access to staking rewards," he said. "I see no reason for the NAV multiple to go below 1.0 because I see these firms as providing regulatory arbitrage opportunities for investors."
ETH ETFs in the US do not stake and deploy assets over decentralized finance (DeFi) protocols, although most ETH treasury firms do.
Kendrick noted that Ethereum treasury businesses had bought 1.6% of ETH in circulation since June, matching their ETF counterparts' purchasing power. More than 833,100 and 521,900 ETH were held by BitMine Immersion (BMNR) and SharpLink Gaming (SBET) earlier in the week.
SoSoValue data shows US spot Ethereum ETFs inflows of $73.22 million on Tuesday following two days of outflows.
Over the previous 24 hours, Coinglass data showed $61.67 million in Ethereum futures liquidations. Long liquidations totaled $21.20 million and short liquidations $40.47 million.
#ETH #Notcoin #BuiltonSolayer #Succinct #CFTCCryptoSprint $ETH $BTC
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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