Ether and ETH Treasury Companies Look Undervalued After Plunge: Standard Chartered

Share this article

By Will Canny, Helene Braun, AI Boost|Edited by Stephen Alpher

Updated Aug 26, 2025, 1:37 p.m. Published Aug 26, 2025, 1:35 p.m.

stepwise increasing stacks of coins pictured against a chart of rising price candles

Since June, ether treasury companies have bought 2.6% of the crypto’s supply, and ETH ETFs another 2.3%, according to Standard Chartered’s Geoff Kendrick.
Kendrick sees ether hitting $7,500 by year end, and views the recent dip as a strong entry point.
Multiples for two notable ether treasury companies, Sharplink Gaming and Bitmine Immerisoin, trail bitcoin giant Strategy despite capturing ETH’s 3% staking yield, the report noted.

Ether (ETH) and the ETH treasury companies are cheap at today’s levels, Standard Chartered’s global head of digital assets research, Geoff Kendrick, said in emailed comments Tuesday.

Since the start of June, ether (ETH) treasury companies have purchased 2.6% of all ETH in circulation. When combined with exchange-traded fund (ETF) inflows since then, the combination of the two has purchased a staggering 4.9% of all ETH in circulation, the analyst noted.

STORY CONTINUES BELOW

Don’t miss another story.Subscribe to the Crypto Daybook Americas Newsletter today.See all newslettersBy signing up, you will receive emails about CoinDesk products and you agree to ourterms of useandprivacy policy.

As a result the world’s second-largest cryptocurrency hit a fresh all-time high of $4,955, on Sunday 24, Kendrick said.

Although these inflows have been significant, the point, said Kendrick, is that they are just getting started. He previously estimated that the treasury companies would end up owning 10% of all ETH in circulation, a goal that definitely seems in reach.

Despite the recent plunge in ETH, Kendrick is sticking with his previous forecast that ether would reach $7,500 by year-end. He views the sell-off to below $4,500 over the last two days as creating a great entry point.

Turning to the valuation of ether treasury companies, Kendrick said they have continued to normalize. The mNAV multiples (the ratio of the value of their crypto holdings versus stock market capitalization) for Sharplink Gaming and Bitmine Immersion have declined, falling below that of Michael Saylor’s Strategy (MSTR).

Given that the ether treasury companies are able to capture ETH’s 3% staking yield, Kendrick sees no reason for the mNAV multiples to be below that of MSTR (which captures no such staking yield).

Furthermore, the SBET announcement on Friday that it will repurchase stock if the NAV multiple falls below 1.0, creates a hard floor for the ETH treasury multiples, he added.

Despite Monday’s market rout, which dragged ether (ETH) down 8% — about four times bitcoin’s (BTC) decline — investors in exchange-traded funds (ETFs) kept buying.

The funds saw about $444 million in inflows on Monday, led by BlackRock’s iShares Ethereum Trust’s (ETHA) $315 milllion, according to Farside Investors.

That followed $338 million in inflows for the group on Friday when ether was soaring following dovish Jackson Hole remarks by Fed Chair Jerome Powell.

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.

Will Canny is an experienced market reporter with a demonstrated history of working in the financial services industry. He’s now covering the crypto beat as a finance reporter at CoinDesk. He owns more than $1,000 of SOL.

Helene is a New York-based markets reporter at CoinDesk, covering the latest news from Wall Street, the rise of the spot bitcoin exchange-traded funds and updates on crypto markets. She is a graduate of New York University’s business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.

“AI Boost” indicates a generative text tool, typically an AI chatbot, contributed to the article. In each and every case, the article was edited, fact-checked and published by a human. Read more about CoinDesk’s AI Policy.