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The strongest DATs will be those with cheap funding, scale, and staking yield, which favors ether and solana treasuries over bitcoin, analyst Geoff Kendrick said.
By Will Canny, AI Boost|Edited by Stephen Alpher
Updated Sep 15, 2025, 2:40 p.m. Published Sep 15, 2025, 2:24 p.m.
- Market NAVs for many DATs have dropped below 1, forcing many to pause crypto buying, a risk for BTC, ETH, and SOL demand
- Standard Chartered’s Geoff Kendrick said the strongest DATs will be those with cheap funding, scale, and staking yield, favoring ether and solana treasuries over bitcoin.
- Ether DATs are still buying aggressively, making ETH more likely than BTC or SOL to see continued support, said Kendrick.
Digital asset treasuries (DATs), publicly traded firms that hold crypto on their balance sheets, have been hit hard in recent weeks as their market NAVs (mNAVs) slid below 1, Standard Chartered’s Geoff Kendrick said in a new report.
Looking ahead, ether(ETH) DATs appear to have the most staying power thanks to staking yield, regulatory clarity, and room to grow, argued Kendrick.
STORY CONTINUES BELOW
The mNAV ratio is crucial. When it falls, these firms lose the incentive (and sometimes the ability) to keep buying crypto, threatening a key source of demand for bitcoin BTC$114,726.61, ether and solana (solana).
Kendrick said that the next phase for DATs will be one of differentiation. The winners will be those that can raise funds at the lowest cost, achieve scale that draws liquidity and investor attention, and, crucially, earn staking yield. That last point tilts the playing field toward ether and solana treasuries over bitcoin, which lacks yield.
Market saturation is also at play. Strategy’s success as the flagship BTC treasury has inspired a flood of copycats, nearly 90 at last count, who together now hold more than 150,000 BTC, up sixfold this year, the analyst noted.
But if mNAVs stay below 1, Standard Chartered expects consolidation. For BTC treasuries, that could mean firms like Saylor’s Strategy buying out rivals rather than buying new bitcoin on the open market, a coin rotation, not fresh demand.
Ether treasuries look better positioned. They have been aggressively accumulating, with 3.1% of ETH’s circulating supply purchased since June. The largest player, Bitmine (BMNR) is well-placed to keep adding to its 2 million ETH stack, the report said.
For crypto markets, this matters. DAT buying has been a key driver of bitcoin and ether prices in 2025. But with BTC treasuries facing consolidation pressure and solana treasuries still relatively small, Standard Chartered sees ETH as the likely beneficiary going forward.
Read more: Strategy’s S&P 500 Snub Is a Cautionary Signal for Corporate Bitcoin Treasuries: JPMorgan
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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