Ethereum is positioned to benefit more than Bitcoin or Solana from the rise in digital asset treasury (DAT) buying, according to a September 2025 report by Standard Chartered’s global digital assets team.
As crypto treasuries face mounting mNAV compression and market share volatility, key differences in yield and maturity are beginning to drive new patterns in institutional crypto allocation.
DATs are publicly listed companies whose business models revolve around holding large stashes of cryptocurrencies. Recent market headwinds have resulted in the collapse of mNAV premiums and falling share prices, leading analysts to question the sustainability of their buying power.
Yet, Standard Chartered’s Geoffrey Kendrick argues that Ethereum DATs are better positioned than rivals given their potential for generating yield through staking and their established structures in publicly traded markets.
What Is Driving DATs to Favor Ethereum?
Standard Chartered points to the ongoing differentiation in digital asset treasury strategies. DATs holding Ethereum and Solana can earn ongoing staking rewards, while Bitcoin treasuries depend solely on price appreciation.
This makes Ethereum more attractive for institutional accumulation, especially as the DAT model comes under pressure from falling market premiums and increased competition.
According to Kendrick, Ethereum DATs have a maturity edge thanks to earlier adoption and more resilient performance, with BitMine Immersion now controlling more than 5% of supply. These factors combine to set ETH-based DATs apart as market dynamics shift.
Did you know?
BitMine Immersion, the largest ETH-focused DAT, now holds over 2 million ETH - approximately 5% of the total Ethereum supply -according to recent market filings.
How Do Staking Yields Influence DAT Premiums?
The ability of Ethereum DATs to generate staking rewards sets them apart from Bitcoin treasuries, which cannot earn native yield. This feature allows for higher mNAV valuations and continued capital inflows even during subdued market conditions.
Kendrick emphasizes that premium valuations and additional revenue streams will play a key role in helping Ethereum DATs sustain and grow their positions.
Solana DATs also benefit from staking, but Standard Chartered cautions they are less mature and face greater hurdles in public markets, such as regulatory uncertainty and shareholder approval requirements for crypto purchases.
Why Is Market Saturation Hitting Bitcoin DATs Harder?
Bitcoin treasuries currently hold about 4% of the circulating BTC supply, making them highly visible market participants.
However, market saturation and a lack of yield mean that falling mNAVs could lead to mergers and acquisitions, potentially rotating holdings rather than creating fresh net demand.
The competitive landscape leaves some Bitcoin DATs at risk of trading below asset value, curbing further buying momentum.
Kendrick emphasizes that consolidation among BTC DATs is increasingly likely, and large companies such as Strategy may prefer acquiring rivals over buying additional coins outright if premiums remain depressed.
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Are Ethereum DATs Really More Resilient Than Solana?
Standard Chartered’s analysis suggests Ethereum DATs currently enjoy resilience largely due to more established treasury strategies and regulatory approvals. Solana DATs, by contrast, are less developed and face additional hurdles.
For instance, the largest ETH DAT, BitMine Immersion, secured strategic approval and has continued to expand, already amassing more than 2 million ETH.
Meanwhile, Solana-focused public companies could face governance constraints after Nasdaq flagged that shareholder votes may be required before purchasing large amounts of crypto on balance sheets, an obstacle not faced by ETH DATs during recent expansions.
What Could DAT Buying Mean for Crypto Prices?
Standard Chartered estimates that DATs control 4% of BTC, 3.1% of ETH, and 0.8% of SOL, meaning their buying and selling activities can sway market prices for all three assets.
While overall market saturation could dampen Bitcoin demand, the potential for yield and easier scaling makes Ethereum DATs strong contenders for future outperformance.
As regulatory clarity increases and DAT premiums recover, Ethereum could see further inflows, driving price appreciation and solidifying its position at the top of treasury-driven crypto markets.
The next wave of DAT buying is set to be defined by scale, yield, and the ability to attract low-cost capital for ongoing accumulation.
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