Ethereum Treasury Firms May Outperform Bitcoin Rivals as Staking Yields Bolster Sustainability, Standard Chartered Analyst Says

• Staking yields increase sustainability for Ethereum treasury firms

• DATs holding ETH can generate yield while preserving principal, unlike BTC-only treasuries

• DATs currently hold ~3.1% of ETH, ~4.0% of BTC and ~0.8% of SOL, shifting incentives toward ETH treasuries

Ethereum treasury firms set to outperform Bitcoin rivals via staking yields and higher mNAVs—read expert analysis and next steps for investors.

What are Ethereum treasury firms and why could they outperform Bitcoin rivals?

Ethereum treasury firms are companies that keep significant crypto on their balance sheets and can stake ETH to earn yield. Staking provides recurring returns that help maintain a market-to-net asset value (mNAV) above 1, making ETH treasuries more likely to continue buying and more sustainable than BTC-only treasuries.

How does staking yield improve DAT sustainability?

Staking yield converts idle ETH into predictable cashflows, lowering reliance on price appreciation to fund operations. Standard Chartered’s Geoff Kendrick notes that DATs (digital asset treasuries) hold 3.1% of ETH, 4.0% of BTC and 0.8% of SOL. ETH and SOL’s staking opportunities allow treasury companies to add yield and support higher mNAVs.

Which Ethereum treasury firms look most sustainable?

Large, shareholder-approved ETH treasuries that can stake and access capital are best placed to sustain buying. Examples discussed by analysts include BitMine, SharpLink and The Ether Machine as prominent ETH treasury managers. BitMine has publicly reported its treasury at 2.15 million ETH, while SharpLink’s reported holdings stand near 837,230 ETH at the time of reporting.

How will mNAV influence treasury buying strategies?

mNAV—market-to-net asset value—measures whether a company’s market price covers its asset base. DATs require an mNAV above 1 to continue aggressive accumulation. Staking yield can add to mNAV; one estimate cited suggests staking yields could add ~0.6 to ETH DAT mNAVs, improving the ability to buy more ETH without diluting shareholders.

Frequently Asked Questions

How much ETH do leading treasuries hold?

BitMine’s treasury is reported at about 2.15 million ETH (~$9.7 billion) and SharpLink holds roughly 837,230 ETH (~$3.78 billion) at the time of reporting. These figures can shift with on-chain flows and corporate disclosures.

Why is staking yield important for DAT investors?

Staking yield provides a repeatable return stream that supports operations and can raise mNAV. For investors, that translates to a higher chance the firm can continue accumulation without equity dilution.

Key Takeaways

• Staking adds sustainability: ETH staking converts holdings into yield, helping treasuries maintain mNAV >1.
• Size and shareholder support matter: Large treasuries with pre-approved strategies face fewer regulatory and market frictions.
• Monitor mNAV and yields: Investors should track mNAV trends and reported staking yields to gauge DAT resilience.

Conclusion

Ethereum treasury firms that can stake ETH and maintain strong mNAVs stand a higher chance of outperforming Bitcoin-focused treasuries. With DATs holding material shares of major coins and staking offering incremental mNAV benefits, ETH treasuries look structurally advantaged. Investors should watch treasury size, staking yields, and shareholder approvals for signs of sustainability.

Author: COINOTAG

Published: 2025-09-15 · Updated: 2025-09-15

Sources referenced (plain text): Standard Chartered research note by Geoff Kendrick; company disclosures from BitMine and SharpLink; market statistics on DAT holdings.