Ether, Solana Treasuries Better Positioned Than Bitcoin in Next DAT Phase: StanChart

The strongest digital asset treasuries (DATs) will be those that combine cheap funding, scale, and staking yield — factors that currently favor ether and solana over bitcoin, according to Standard Chartered analyst Geoff Kendrick.

DATs, publicly traded companies holding crypto on their balance sheets, have struggled in recent weeks as their market net asset values (mNAVs) slipped below 1. Kendrick noted that this dynamic undermines their incentive, and in some cases their ability, to keep accumulating crypto, threatening a key demand source for bitcoin, ether, and solana.

Looking forward, Kendrick argued that ether (ETH) treasuries appear most resilient due to staking yield, improving regulatory clarity, and ample room for expansion. “The next phase for DATs will be one of differentiation,” he wrote, highlighting that winners will be those able to raise funds at low cost, achieve scale, and generate staking yield — a structural advantage for ETH and SOL compared to yield-less BTC.

Bitcoin treasuries, meanwhile, face mounting competition. Strategy, the sector’s flagship BTC treasury, has sparked a wave of imitators — nearly 90 at last count — collectively holding more than 150,000 BTC, a sixfold increase this year. But with mNAVs under pressure, StanChart expects consolidation, where larger firms like Strategy may buy out rivals rather than add fresh BTC from the market, reducing new demand.

Ether treasuries have been expanding aggressively. Since June, they have acquired 3.1% of ETH’s circulating supply, with leading player Bitmine (BMNR) building its holdings to more than 2 million ETH. Solana treasuries remain smaller but still benefit from staking economics.

For crypto markets, these shifts matter. DAT activity has been a major driver of bitcoin and ether prices in 2025. With BTC treasuries facing consolidation and SOL treasuries yet to scale, StanChart sees ETH as the key beneficiary in the next stage of digital asset treasury growth.