Standard Chartered Backs Ethereum Treasury Firms
Standard Chartered favors Ethereum treasury firms over US spot ETH ETFs as NAV multiples rise above 1.
- Ethereum treasury firms now seen as better bets than spot ETH ETFs.
- NAV multiples for ETH treasury companies are normalizing above 1.
- Standard Chartered shifts preference based on improved valuation trends.
Standard Chartered has released a bold new outlook, stating that Ethereum treasury companies now represent more attractive investment opportunities than recently launched US spot ETH exchange-traded funds (ETFs). The bank’s preference is rooted in the noticeable normalization of net asset value (NAV) multiples, which are starting to trend above 1, a signal of growing investor confidence in ETH-centric firms.
Ethereum treasury firms are companies that hold large quantities of Ethereum on their balance sheets, often as a core part of their operations or treasury strategy. As the market matures and ETH adoption deepens, these firms are benefiting from higher valuations that reflect their exposure to Ethereum’s price action — without the management fees and constraints tied to ETFs.
Why the Shift Away from Spot ETH ETFs?
Spot ETH ETFs were hailed as a milestone when approved in the US. But according to Standard Chartered, these funds may now offer diminishing returns relative to direct exposure through companies holding ETH. The underlying reason? Many ETFs still trade close to their NAV, while Ethereum treasury companies are now seeing NAV multiples break above 1, a historically bullish signal.
This NAV shift suggests that investors are willing to pay a premium for exposure to ETH through these companies — likely because they provide operational leverage and business models tied directly to Ethereum’s growth.
Long-Term Outlook for Ethereum-Linked Investments
Standard Chartered’s analysis highlights a key theme: investors seeking Ethereum exposure may find more upside in equity-based plays than in passive ETF holdings. As NAV multiples continue to rise and ETH adoption expands, companies with Ethereum on their balance sheets could become the go-to vehicle for institutional and retail investors alike.
This shift could mark the beginning of a broader trend, where crypto-native companies with strong ETH positions outperform traditional financial instruments, even those created to track the same asset.
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