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Standard Chartered’s Geoff Kendrick Suggests Ethereum Treasury Firms May Outperform Spot ETFs Amid Market Shifts


  • Ethereum treasury companies have accumulated over 2 million ETH, indicating strong institutional interest.

  • SharpLink Gaming (SBET) trades near a NAV of 1.0, offering ETH exposure and staking rewards.

  • Spot ETH ETFs experienced record inflows in July but faced significant outflows in early August, raising investor concerns.

Standard Chartered’s Geoff Kendrick highlights Ethereum treasury firms as superior investments compared to US spot Ethereum ETFs, emphasizing their growing significance in the crypto market.

ETF or Stocks? Which One Provides Better Ethereum Exposure

In an exclusive statement, Kendrick explained that Ethereum purchases by treasury firms have equaled those of ETFs since early June, with both groups acquiring 1.6% of ETH’s circulating supply over the last two months.

He emphasized that the NAV multiples—the market cap divided by the value of ETH held—have started to normalize. SharpLink Gaming (NASDAQ: SBET), one of the earliest and largest ETH-holding firms, now trades just above a NAV multiple of 1.0.

“I see no reason for the NAV multiple to go below 1.0. These firms offer regulatory arbitrage for investors. Given NAV multiples are currently just above one, I see the ETH treasury companies as a better asset to buy than the US spot ETH ETFs,” Kendrick stated.

According to Kendrick, treasury firms provide direct exposure to ETH price upside, increasing ETH per share and staking rewards. He noted that SBET’s Q2 earnings report, due August 15, will offer further insight into this growing asset class.

Ethereum Treasury Companies Accelerate

Since emerging earlier this year, Ethereum treasury companies have quietly accumulated over 2 million ETH, with Standard Chartered projecting another 10 million ETH could follow.

In the past month alone, these firms added 545,000 ETH—worth around $1.6 billion. SharpLink Gaming reportedly bought 50,000 ETH during that period, bringing its total to over 255,000 ETH.

Kendrick’s remarks come amid a broader institutional trend. As of August, about 12 public companies hold over 1 million ETH, including BitMine Immersion Technologies, Coinbase, and Bit Digital.

Combined, public firms now own 0.83% of the total ETH supply, according to CoinGecko.

Top 10 Ethereum-Holding Public Companies
Top 10 Ethereum-Holding Public Companies. Source: CoinGecko

Spot Ethereum ETFs See Inflows—and Outflows

The comments also follow turbulent weeks for Ethereum spot ETFs. After $5.4 billion in inflows during July, US ETFs saw major reversals.

On August 1, ETFs recorded $152 million in net outflows, followed by $465 million outflows on August 4—the largest ever in a single day. BlackRock’s ETHA accounted for $375 million of that.

The market partially recovered on August 5, with ETFs attracting $73 million in net inflows. BlackRock again led the charge, while Grayscale’s funds saw modest redemptions.

US Spot Ethereum ETFs Daily Net Inflow In 2025 So Far
US Spot Ethereum ETFs Daily Net Inflow In 2025 So Far. Source: SoSoValue

Despite volatility, structural improvements continue. In late July, the SEC approved in-kind creation and redemption mechanisms for crypto ETFs, allowing them to operate more like traditional commodity ETFs.

Standard Chartered’s endorsement highlights a shifting dynamic in institutional Ethereum investment. With NAV multiples stabilizing and staking benefits accruing, ETH treasury firms are positioning themselves as high-efficiency alternatives to ETFs.

Investors will watch SBET’s August 15 earnings report closely. As Kendrick notes, it could further validate Ethereum treasury firms as a viable institutional-grade asset class.

Key Takeaways

  • Ethereum treasury firms: Offer better investment opportunities compared to US spot ETFs.
  • Institutional interest: Over 2 million ETH accumulated by treasury companies indicates strong market confidence.
  • Market dynamics: NAV multiples stabilizing suggest a shift in investment strategies towards treasury firms.

Conclusion

Standard Chartered’s insights reveal a significant shift in the Ethereum investment landscape. With treasury firms gaining traction and outperforming traditional ETFs, investors are encouraged to consider these entities as viable alternatives. The upcoming earnings report from SharpLink Gaming could further solidify this trend.


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