Standard Chartered Favors Ethereum Treasury Over ETFs

• Lyla Velez
• August 7, 2025
• Investment
• 0 Comments

Standard Chartered’s Stand

Standard Chartered has publicly endorsed Ethereum treasury companies as a superior investment choice compared to US spot ETH exchange-traded funds (ETFs). This position is supported by the notion that treasury companies offer more stable net asset values and benefits like staking rewards, which can lead to potentially higher yields. Chief Proponent Geoff Kendrick argues these factors contribute to the attractiveness of treasury companies over traditional ETFs.

“Given NAV multiples are currently just above 1 I see the ETH treasury companies as a better asset to buy than the US spot ETH ETFs…This normalization of the net asset value multiple makes the treasury companies now very investable for investors seeking access to ETH price appreciation, increasing ETH per share […] and access to staking rewards. I see no reason for the NAV multiple to go below 1.0 because I see these firms as providing regulatory arbitrage opportunities for investors.” – Geoff Kendrick, Global Head of Digital Assets Research, Standard Chartered

Steady Accumulation

The preference for Ethereum treasury companies is reshaping investor interest, steering funds away from ETFs due to their fluctuating inflows and outflows. The 1.6% of ETH’s circulating supply controlled since mid-2025 underscores this trend. This shift could influence both the circulatory engagement with ETH and the broader market sentiments towards cryptocurrencies.

Financial Implications

Financial implications include a growing institutional preference for direct ETH holdings, heightening the significance of treasury models offering direct exposure and competitive staking yields. These factors provide a compelling alternative in the context of US regulatory environments which remain challenging for ETFs. The model enhances direct protocol engagement, which ETFs lack.

Historical data suggests parallels with the corporate adoption of Bitcoin, reinforcing the view that this strategy may foster positive sentiment and impact ETH’s market position. As more firms explore treasury investments, the potential regulatory and technological shifts in the crypto market continue to intrigue analysts and stakeholders alike.