Overview

• Geoffrey Kendrick of Standard Chartered says ETH-focused digital asset treasuries have the highest chance of remaining sustainable and can keep buying ether.
• An mNAV above 1 is described as essential for expansion, and recent declines below that level have constrained many DATs’ ability to raise capital and add tokens.
• DATs now hold roughly 4.0% of bitcoin, 3.1% of ether, and 0.8% of solana, making their balance-sheet health materially relevant to coin prices.
• Kendrick anticipates consolidation among bitcoin treasuries that would likely result in coin rotation rather than fresh net demand, while ETH treasuries continue to accumulate.
• Differentiation is expected to hinge on low-cost funding, scale, and staking or DeFi yield, with BitMine highlighted as the leading ETH DAT alongside SharpLink and The Ether Machine, and BitMine’s Tom Lee estimating staking could add about 0.6 to ETH DAT mNAVs.