Digital Assets Treasures (Dats)Companies that are quoted in the stock market that have cryptography in their balances, have been affected in recent weeks as a market ship (Mnavs) He slid below 1, Standard Chartred Kendrick’s Geoff said in a new report.
Looking to the future, ether (Eth) The DAT seem to have the greatest power of permanence thanks to the rethinking performance, the regulatory clarity and the space to grow, Kendrick argued.
The MNAV ratio is crucial. When it falls, these companies lose the incentive (Sometimes the skill) To continue buying cryptography, threatening a key source of Bitcoins demand Ether and Solana (Solarium).
Kendrick said the next phase for DATS will be of differentiation. The winners will be those who can raise funds at the lowest cost, reach the scale that attracts the liquidity and attention of investors and, crucially, obtain a performance. That last point inclines the playing field towards the Ter and Solana treasure on Bitcoin, which lacks performance.
Market saturation is also at stake. The success of the strategy as the BTC bad treasure has inspired an avalanche of imitators, almost 90 in the last count, who together now have more than 150,000 BTC, more than six times this year, said the analyst.
But if the MNAVs remain below 1, Standard Chartered hopes consolidation. For BTC Treasury bonds, that could mean companies such as Saylor’s strategy buying rivals instead of buying new bitcoin in the open market, a rotation of coins, not a new demand.
Ether treasures are better positioned. They have accumulated aggressively, with 3.1% of the circulating supply of ETH bought since June. The biggest player, Bitmine (BMNR) It is well located to continue adding to its battery of 2 million ETH, according to the report.
For cryptographic markets, this matters. The purchase of DAT has been a key promoter of the prices of Bitcoin and Ether in 2025. But with the BTC Treasury bonds that face the consolidation pressure and the solar treasure bonds still relatively small, Standard Chartered sees ETH as the probable beneficiary in the future.
Read more: S&P 500 SNUB Strategy is a warning signal for corporate bitcoin bonds: JPMorgan
