The bank stated that both companies holding ether (ETH) and exchange-traded funds are on par with the amount of ETH purchased since June.
Why Ethereum's Treasury Volume Surpasses Spot ETF, According to Standard Chartered
Geoffrey Kendrick, head of the digital assets research team at London-based Standard Chartered Bank, provided a crucial piece of information that many may have overlooked last week, that ether treasury companies are likely a better option than spot ether ETFs. The reason, which may be obvious to some, is that spot ETH funds currently do not offer staking rewards, whereas treasury companies do.
Kendrick and his team published a research note last Tuesday, showing that ether treasury companies like Sharplink have been purchasing this cryptocurrency at twice the rate of spot ETFs. In a follow-up note yesterday, Kendrick stated that since June, both treasury companies and ETFs have purchased about 1.6% of the total circulating ether supply.
And now, with the rapid buying pace reflected by treasury entities, the additional benefits of compounded staking rewards, and the fact that holding companies face fewer legal barriers than ether ETFs, Kendrick and his team see ETH treasury companies having higher growth potential compared to equivalent funds or even bitcoin treasury companies.
"We believe that ETH treasury companies have more growth potential than BTC companies from a legal loophole perspective," Kendrick and the team explained. "We think they could ultimately own 10% of the total ETH supply, a tenfold increase from current ownership."
The team also expects ether treasury companies to help support the cryptocurrency above the $4,000 threshold. Ether, which faced difficulties in the first quarter of 2025, reached an all-time high of $4,891.70 nearly four years ago in November 2021. This digital asset is trading at $3,816.40 at the time of the report, up 3.81% in the past 24 hours, according to Coinmarketcap.
"If the cash flows can continue, ETH could surpass the critical $4,000 level (our end-of-2025 forecast)," Kendrick and the team said.
