Overview

• Standard Chartered’s Geoff Kendrick says ETH and listed ETH treasury companies look undervalued after the sell-off and maintains a $7,500 year-end forecast.
• Treasury companies and spot ETH ETFs have acquired about 4.9% of circulating ether since June, a dynamic Kendrick links to Sunday’s new all-time high near $4,955.
• Despite the pullback below $4,500, spot ETH ETFs took in roughly $444 million on Monday, led by BlackRock’s iShares Ethereum Trust with about $315 million, per market flow data.
• Kendrick reiterates that treasury firms could plausibly own 10% of ETH supply and argues they merit higher valuations as they can capture staking yield unavailable to U.S. ETFs.
• Valuation multiples for ETH treasury stocks have compressed, with some below MicroStrategy’s, and SBET’s conditional buyback at a sub‑1.0 NAV multiple is flagged as downside support.