Key Takeaways
Standard Chartered highlights Ethereum DATs as most likely to succeed despite market concerns.
mNAV below 1 signals DATs may struggle to keep accumulating assets.
Current DAT holdings: 4.0% Bitcoin, 3.1% Ethereum, 0.8% Solana.
Ethereum staking yields expected to lift DAT mNAV by 0.6 points.
Standard Chartered’s Geoff Kendrick says Ethereum DATs are best positioned, as mNAV concerns weigh on Bitcoin and Solana treasuries.
Standard Chartered: Ethereum DATs Best Positioned to Succeed
According to BlockBeats, Geoff Kendrick, Global Head of Digital Asset Research at Standard Chartered, noted that Ethereum treasuries are most likely to succeed. His comments come despite concerns over declining mNAV levels in Bitcoin, Ethereum, and Solana treasuries.
Falling mNAV Raises Concerns for Digital Asset Treasuries
Kendrick explained that when mNAV falls below 1, digital asset treasuries (DATs) may struggle to continue accumulating underlying assets. Currently, DATs hold 4.0% of Bitcoin supply, 3.1% of Ethereum, and 0.8% of Solana, with significant market impact.
Investors to Focus on Fundraising, Scale, and Yield Potential
He added that investors will distinguish DATs based on their ability to raise cash, treasury scale, and yield potential. Ethereum and Solana DATs benefit from staking yields, which should support higher mNAV values compared to Bitcoin DATs.
Staking Yields Boost Ethereum DATs’ Long-Term Sustainability
Kendrick remains optimistic about Ethereum DATs, noting they secured an advantage before possible Nasdaq rules requiring shareholder approval for crypto treasuries. He stressed that Ethereum DATs show the highest sustainability, with staking yields alone expected to add 0.6 points to mNAV.
