Ethereum may be trading near record highs, but Standard Chartered believes the market is still mispricing both ETH itself and companies holding it on their balance sheets.
In a new research note, Geoffrey Kendrick, the bank’s global head of digital assets, argued that Ethereum and “digital asset treasury” (DAT) firms remain cheap despite recent gains. He pointed out that since June, corporates and ETFs together have absorbed almost 5% of all ether in circulation, helping drive the token to an all-time high of $4,955 on August 24.
Treasury Firms Amassing ETH
According to Kendrick, Ethereum-focused treasury companies have bought around 2.6% of supply in just three months, while spot ETFs added another 2.3%. One of the most aggressive buyers, BitMine Immersion, is targeting 5% of all ETH on its own.
That accumulation, Kendrick said, should re-rate the valuations of firms like SharpLink Gaming (SBET) and BitMine Immersion (BMNR). On a net asset value (NAV) basis, both trade at discounts compared to bitcoin treasuries such as MicroStrategy, despite benefiting from Ethereum’s 3% staking yield — something MSTR cannot access with its BTC holdings.
Buyback Support
SharpLink has already pledged to buy back shares if its NAV multiple slips below 1.0, a move Kendrick believes creates a “hard floor” for the stock. He has previously argued that Ethereum treasuries offer a more attractive proposition than U.S. spot ETFs, which cannot stake tokens or participate in decentralized finance.
Price Targets and Broader Outlook
Kendrick has maintained a $7,500 year-end target for ETH and sees the token climbing to $25,000 by 2028. With ETH currently trading around $4,530, he described the recent sell-off as “a great entry point.”
His bullish forecasts extend beyond Ethereum. Standard Chartered now expects Bitcoin to reach $135,000 by the end of September and finish the year at $200,000, with a 2028 target of $500,000. Kendrick also projects BNB at $2,775, Avalanche (AVAX) at $250, and XRP at $12.50 by 2028. For stablecoins, he sees explosive growth, with total supply approaching $2 trillion within four years.
For investors, the takeaway is clear: while prices are high, Standard Chartered argues Ethereum and the companies stockpiling it may still represent one of the best-value bets in crypto.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
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