Standard Chartered: Ethereum Treasury Outperforms Spot ETH ETFs

According to a new report from Standard Chartered, the Ethereum treasury model, where companies publicly accumulate $ETH as a strategic asset, is becoming an attractive form of investment and may even outperform spot ETH ETFs in the US.

Superior Advantage over ETFs

Geoffrey Kendrick, Head of Global Digital Asset Research at #StandardChartered , notes that Ethereum treasury companies offer benefits that traditional ETFs do not. Specifically, these companies can leverage the entire Ethereum ecosystem to generate yield, including:

Staking: Earn staking rewards with interest rates of 3-4%/year.

DeFi: Use decentralized finance (DeFi) protocols to optimize investment performance.

In contrast, US #ETFEthereum spot funds are prohibited from participating in staking and DeFi. As a result, the NAV (Net Asset Value) ratio of these treasury companies is stabilizing above 1.0, indicating that the market is valuing them higher than the value of the ETH they hold.

The Race to Accumulate ETH Heats Up

The report also highlights the development of pioneering ETH treasury companies such as SharpLink Gaming and BitMine. Both have been actively buying ETH, with BitMine holding approximately 833,000 ETH and aiming to accumulate 5% of the total supply. The total amount of ETH held by these companies has grown "rapidly," from approximately 116,000 ETH at the end of 2024 to nearly 966,304 ETH at the end of July 2025.

Kendrick predicts that these companies could hold up to 10% of the total ETH supply in the future, affirming Ethereum's position as an attractive yield-bearing reserve asset. #anhbacong