Digital asset treasuries (DATs) are quietly shaping the cryptocurrency market, and according to Standard Chartered, Ethereum could end up being the biggest winner.
In its latest report, the bank argued that the structure of these treasury vehicles makes them a far more important driver for ETH than for Bitcoin or Solana.
Treasuries and Their Market Impact
Treasury firms act as corporate vehicles that accumulate crypto, and their holdings are already sizeable. Standard Chartered estimates that such firms control about 4% of all Bitcoin in circulation, a little over 3% of Ethereum, and under 1% of Solana. Because of these concentrations, any shift in treasury strategy—whether buying, selling, or merging—has the potential to swing token valuations.
Why ETH Has the Advantage
Bitcoin-focused treasuries may hold the largest pool, but Ethereum treasuries have something Bitcoin does not: yield. By staking ETH, these firms can generate consistent returns on their reserves. Solana treasuries also offer yield, but Ethereum’s are more established and integrated, giving them greater staying power. That dynamic, Standard Chartered said, makes ETH treasuries more resilient to financing pressures and market saturation.
Pressure on Treasury Models
Despite their growing influence, treasuries themselves face a tough environment. Falling share prices in recent weeks have raised questions about sustainability. When these firms trade below the value of their assets, it becomes harder to raise new capital for additional crypto purchases. The report warned that funding costs, scale, and yield will be decisive in separating long-term survivors from those that fade out.
Consolidation Could Be Next
One scenario Standard Chartered sees on the horizon is consolidation. If smaller or struggling treasuries remain undervalued for long, mergers may become unavoidable. Bitcoin treasuries are viewed as most at risk, but any consolidation would largely reshuffle existing coins rather than spark new buying.
Ethereum’s Strongest Backer
Among Ethereum treasuries, BitMine Immersion (BMNR) stands out. The firm has accumulated more than 2 million ETH—about 5% of the entire supply—after regulators approved its strategy. Kendrick, who heads the bank’s digital asset research, pointed to BMNR as proof of the relative strength and commitment within the Ethereum treasury ecosystem.
Outlook
Standard Chartered’s bottom line is clear: while Bitcoin may dominate in size, Ethereum looks better positioned to benefit from treasury demand. With staking income and mature operators underpinning the sector, the bank expects ETH treasuries to serve as a stronger price-support factor than those tied to Bitcoin or Solana.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Reporter at Coindoo
Source: https://coindoo.com/why-ethereum-may-gain-more-than-bitcoin-from-corporate-crypto-treasuries/