COINOTAG News on September 16 quoted Standard Chartered’s Global Head of Digital Asset Research, Geoff Kendrick, who assessed the sustainability of Digital Asset Treasuries (DAT) and the impact of mNAV on market positioning. Kendrick noted that currently DATs account for about 4.0% of BTC, 3.1% of ETH and 0.8% of SOL, and that an mNAV below 1 indicates limited capacity for DATs to expand holdings of their underlying assets.
In the report Kendrick advised investors to evaluate DATs by cash-raising ability, treasury size and income-generating mechanisms such as staking income. He highlighted established advantages for Ethereum DAT—including considerations tied to Nasdaq’s shareholder-approval rule—and cited BitMine, Sharplink and The Ether Machine, with staking expected to add roughly 0.6 points to ETH DAT’s mNAV.