Standard Chartered: Ethereum Will Benefit More Than Bitcoin or Solana From the Corporate Buying Boom

According to ChainCatcher, citing The Block, Geoffrey Kendrick, Head of Digital Asset Research at Standard Chartered Bank, stated that with the rise of Digital Asset Reserve Companies (DAT), Ethereum or Bitcoin and Solana stand to benefit more. In his report, he pointed out that the recent decline in the market net asset value (mNAV) of DAT will force companies to differentiate and may drive consolidation among Bitcoin reserve companies.

In contrast, Ethereum and Solana reserve companies may have higher mNAV due to their ability to generate staking yields, and Ethereum reserve companies are more mature with more pronounced advantages. Currently, DATs hold 4% of Bitcoin, 3.1% of Ethereum, and 0.8% of Solana, and the scale of their holdings has a significant impact on token prices.

Kendrick believes that market saturation is the main reason for valuation compression, but DATs still have "selective investment value" as they provide a way for restricted regions to access digital assets. In the future, fundraising ability, company size, and staking yields will be key factors differentiating DAT performance. He added that if some DATs remain below asset value for a long time, it could trigger consolidation, and strategic acquisitions may be more cost-effective than directly buying tokens. Overall, DATs will drive Ethereum to outperform Bitcoin and Solana.