Ethereum Treasury Firms Outperform US Spot ETFs in Stability

TLDR

• Treasury firms hold over two million Ethereum since June 2025.
• NAV multiples for treasury companies remain just above 1.0.
• US spot ETFs faced $465 million outflow in August.

Standard Chartered’s Global Head of Digital Assets Research, Geoff Kendrick, has expressed that Ethereum treasury companies present a more stable investment opportunity than US spot Ethereum ETFs. This is due to the steady net asset value (NAV) multiples and exposure benefits these firms offer.

Both Ethereum treasury companies and US spot ETFs have acquired 1.6% of Ethereum’s total supply since June 2025. However, Kendrick points out that the treasury firms provide more consistent accumulation and offer regulatory advantages.

Why Ethereum Treasury Firms Are Gaining Attention

Ethereum treasury companies such as Sharplink Gaming, Satsuma, and BitMine are currently considered advantageous due to their stable NAV multiples. These firms hold a considerable amount of Ethereum as a treasury asset, directly benefiting from any appreciation in Ethereum’s price.

Geoff Kendrick highlighted, “Given NAV multiples are currently just above 1, I see the ETH treasury companies as a better asset to buy than the US spot ETH ETFs.” This perception stems from the ability of treasury companies to maintain regulatory arbitrage opportunities.

Fund Flows and Market Movements

Since June 2025, over two million Ethereum has been accumulated by treasury companies. Despite US spot Ethereum ETFs seeing net inflows of $5.4 billion in July, they also faced a significant single-day outflow of $465 million in August. This contrasts with the steady inflow of ETH to treasury firms.

The alignment of treasury firms with the intrinsic value of Ethereum, as reflected by their NAV multiples just above 1.0, positions them as a stable investment option. This stability contrasts with the volatility seen in ETF markets.

Potential Implications for Investors

Ethereum’s inclusion as a balance sheet asset by these companies mimics earlier trends in Bitcoin’s adoption as a corporate treasury asset. Such moves have previously led to significant concentrations of supply and, eventually, price appreciation.

Companies like Sharplink Gaming, with substantial ETH holdings, align with past corporate strategies seen in firms like Tesla and MicroStrategy. The continuous accumulation emphasizes the strategic choice of Ethereum as a promising asset.

Regulatory Considerations and Strategic Opportunities

Kendrick states, “I see no reason for the NAV multiple to go below 1.0 because I see these firms as providing regulatory arbitrage opportunities for investors.” Ethereum treasury firms can provide direct exposure and staking rewards outside the existing ETF structures, offering unique investment angles.

The US Securities and Exchange Commission’s reform efforts are noted but have not yet introduced specific actions regarding treasury company models. This regulatory environment may evolve as these firms continue to draw investor interest.