In brief
- Standard Chartered’s Geoff Kendrick believes Ethereum treasury companies are most likely to succeed long-term due to their ability to generate staking yields.
- Bitmine announced its treasury has grown to 2.15 million ETH worth over $9.7 billion, more than double competitor SharpLink’s 837,230 ETH holdings.
- Digital asset treasury companies hold significant crypto portions (4% of Bitcoin, 3.1% of Ethereum, 0.8% of Solana), making their success crucial for coin prices.
There’s been some worry over the fate of Bitcoin, Ethereum, and Solana treasuries because of falling mNAV marks, but companies buying ETH have the best chance of succeeding, writes Standard Chartered’s Geoff Kendrick.
The global head of digital assets research at the bank wrote that worry about falling mNAVs is warranted. mNAV, or market-to-net asset value, compares a company’s stock value to that of its assets. And for digital asset treasury companies, or DATs, the value of their crypto treasuries can experience dramatic
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Author: Stacy Elliott
