Standard Chartered views Ethereum treasuries as attractive because institutions acquire them, they offer staking rewards, and they have clear rules. The idea matters to managers of company money, spot ETFs, and institutional funds seeking rewards from their crypto. The bank’s thesis centers on demand from institutions alongside yield and regulatory clarity that support ETH as a reserve asset.
Context and what happens because of Ethereum treasuries
From June 2024, digital asset treasuries and ETFs have acquired about 5% of all ETH, and the bank believes company treasuries could control up to 10% over time. Geoffrey Kendrick, who leads digital asset research at the bank, said that this greater demand puts different pressure on supply compared to Bitcoin and Solana, and ETH treasury firms are those that probably stay in business.
The report highlights that ETH treasuries receive staking rewards of about 3–5%, while Bitcoin does not offer this for treasuries. Standard Chartered includes price targets for ETH of $7,500 by the end of 2025 and $25,000 by the end of 2028, based on institutions acquiring ETH, DeFi usage, and new rules like the GENIUS Act that provide more clarity for stablecoins often dependent on Ethereum.
The analysis suggests that many companies concentrate significant positions in Bitcoin-focused digital asset treasuries, contrasted with an increasing number of issuers that use ETH as a reserve. As an example, BitMine Immersion Technologies, a large ETH-focused digital asset treasury, is reported to have more than 2 million ETH (about 5% of the supply). SharpLink Gaming connected share buybacks to its mNAV multiple to support valuation.
On-chain money, mNAV, and implications
mNAV is the multiple between a company’s market worth and its net asset value in crypto. The analysis notes that several ETH treasuries have mNAVs near 1.0 because of staking income. The core takeaway is that direct acquisition plus operating yield improves the relative valuation of companies that hold ETH in treasuries compared to those that hold BTC.
For institutional investors, the idea points to a shift toward assets that provide yield and on-chain utility. For the market, a concentration of ETH in treasuries could increase how much liquidity changes and could push prices up if demand continues. The report also flags technical dangers such as slashing penalties and smart contract weaknesses, which can reduce yields and capital. The bank expects the end of 2025 as the next milestone with its $7,500 target for ETH, with the growth of institutional acquisition and the completion of rules being key to confirm this idea.
- Digital asset treasuries or ETFs have acquired about 5% of ETH supply from June 2024.
- Staking yields for ETH treasuries are about 3–5%.
- Standard Chartered’s targets: $7,500 by the end of 2025; $25,000 by the end of 2028.
- Company treasuries might control up to 10% of ETH supply.
Ethereum treasuries stand out as a yield-bearing, rules-aware reserve for institutions. In practice, the thesis hinges on continued institutional demand and regulatory completion through 2025, with managers balancing staking-driven rewards against on-chain technical risks.
