Digital asset treasuries (DATs), publicly listed companies holding cryptocurrency on their balance sheets, have faced significant challenges recently as their market NAVs (mNAVs) dropped below 1, according to a new report by Standard Chartered’s Geoff Kendrick.
Looking forward, ether (ETH) DATs seem to possess the greatest durability due to staking yield, regulatory clarity, and potential for growth, Kendrick argued.
The mNAV ratio is vital. A decline in this ratio dampens the incentive (and sometimes the capacity) for these firms to continue acquiring crypto, jeopardizing a crucial demand source for bitcoin , ether, and solana (solana).
Kendrick noted that the upcoming phase for DATs will focus on differentiation. The winners will be those who can raise capital at the lowest cost, scale sufficiently to attract liquidity and investor focus, and earn staking yield. This advantage favors ether and solana treasuries over bitcoin, which currently lacks yield.
Market saturation is also influencing the situation. Strategy’s success as the leading BTC treasury has inspired numerous imitators—nearly 90 at last count—who now collectively hold more than 150,000 BTC, a sixfold increase this year, the analyst reported.
However, if mNAVs remain below 1, Standard Chartered anticipates consolidation. For BTC treasuries, this could mean firms like Saylor’s Strategy acquiring competitors instead of purchasing additional bitcoin on the open market, resulting in a coin rotation rather than new demand.
Ether treasuries appear to be better positioned. They have been actively accumulating, having purchased 3.1% of ETH’s circulating supply since June. The largest player, Bitmine (BMNR) is well-positioned to continue expanding its 2 million ETH holdings, the report stated.
This is significant for crypto markets. DAT purchases have been a major driver of bitcoin and ether prices in 2025. Still, with BTC treasuries under consolidation pressure and solana treasuries remaining relatively small, Standard Chartered views ETH as the probable beneficiary moving forward.
Read more: Strategy’s S&P 500 Snub Is a Cautionary Signal for Corporate Bitcoin Treasuries: JPMorgan
