Standard Chartered: Ethereum will benefit more from the buying frenzy of listed companies than Bitcoin or Solana

ChainCatcher news, according to The Block, Standard Chartered's head of digital asset research Geoffrey Kendrick stated that with the rise of Digital Asset Trusts (DAT), Ethereum or Bitcoin and Solana will benefit more. In the report, he pointed out that the recent decline in the market net asset value (mNAV) of DAT will force companies to differentiate their development and may drive the consolidation of Bitcoin reserve companies.

In contrast, Ethereum and Solana reserve companies may have a higher mNAV due to their ability to generate staking yields, and Ethereum reserve companies are more mature, with more obvious advantages. Currently, DAT holds 4% of Bitcoin, 3.1% of Ethereum, and 0.8% of Solana, and their holdings significantly impact token prices.

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