Ethereum Seen Outpacing Bitcoin and Solana as Digital Asset Treasuries Reshape Market

Ethereum could emerge as the biggest winner in the evolving digital asset treasury (DAT) landscape, according to Geoffrey Kendrick, Standard Chartered’s global head of digital assets research.

In a Monday report, Kendrick highlighted that a sharp drop in DAT market-value-to-asset ratios (mNAVs) is sparking a shakeout that favors blockchains offering staking income. “Ethereum treasuries are better positioned than either Bitcoin or Solana because their staking yields justify higher valuations,” he said.

DATs—public companies holding cryptocurrencies as balance-sheet assets—have faced steep valuation cuts in recent weeks as their mNAVs slumped, threatening their ability to raise new capital and continue accumulating tokens. Kendrick noted that these firms already hold an estimated 4% of all Bitcoin, 3.1% of Ethereum, and 0.8% of Solana.

Market saturation is pressuring Bitcoin-focused treasuries most, potentially driving consolidation as firms with persistent discounts become takeover targets. Such mergers, Kendrick explained, would merely rotate existing holdings rather than inject fresh demand.

Ethereum, however, benefits from robust staking yields and an established treasury base. BitMine Immersion (BMNR), the largest ETH-focused DAT, illustrates this resilience, already amassing over 2 million ETH—roughly 5% of the total supply—while still expanding its target.

Looking ahead, Kendrick expects DAT performance to diverge on three key factors: low-cost funding, size advantage, and yield potential. By those measures, he believes Ethereum treasuries are set to outpace Bitcoin and Solana, making ETH the standout beneficiary of the next phase of DAT growth.