Ethereum Treasury Firms Beat U.S. ETFs as Standard Chartered Backs Them

- Standard Chartered's digital assets research head highlights Ethereum treasury firms as a superior investment to U.S. spot ETH ETFs. - These firms gain institutional traction by offering exposure to ETH price movements, staking rewards, and DeFi opportunities. On August 6, 2025, Benzinga reported that Geoffrey Kendrick, the global head of digital assets research at Standard Chartered, labeled Ethereum treasury firms “very investable.” He underscored their stronger appeal compared to U.S.-registered spot Ethereum ETFs, emphasizing that these firms uniquely leverage Ethereum (ETH) price gains, staking rewards, and decentralized finance (DeFi) opportunities. According to Kendrick’s analysis, Ethereum treasury firms and spot ETFs both held approximately 1.6% of Ethereum's circulating supply as of June 1, 2025. He also noted that treasury firms' net asset value (NAV) multiples have normalized around 1. This normalization presents compelling entry points for both institutional and retail investors, and unlike ETFs, these firms generate yield through staking, a valuable feature unavailable to their U.S.-registered counterparts. Kendrick highlighted SharpLink Gaming (SBET) as a standout player in the segment, noting its ties to Ethereum co-founder Joe Lubin as a signal of growing investor confidence. Additionally, BitMine (BMNR), the largest ETH treasury firm, has set a goal to acquire 5% of Ethereum’s circulating supply. Kendrick projected that these firms could collectively increase their ETH holdings to encompass 10% of the total circulation, a growth that would further cement their significance in the crypto ecosystem. Contrasting the active yield strategies of these firms with the passive tracking offered by ETFs, Kendrick framed Ethereum treasury firms as the preferred choice for investors seeking higher returns. These distinct operational advantages, such as staking and DeFi participation, continue to attract institutional interest and solidify the firms’ emerging market dominance. According to CoinMarketCap data, Ethereum (ETH) traded at $3,681.25 on August 6 at 19:15 UTC. This price marked a 2.7% rise over the last 24 hours, an increase that occurred despite a 17.94% drop in trading volume over the same period.