Digital Treasuries Under Pressure But Ethereum Stands Strong – StanChart Analysis Reveals Resilience

While digital asset portfolios face mounting pressure across the board, Ethereum demonstrates remarkable stability according to Standard Chartered's latest assessment.

The Great Divergence

Market turbulence rattles crypto treasuries—yet ETH maintains its footing when others stumble. Traditional finance models struggle to explain the anomaly, proving once again that crypto markets operate on their own set of rules that Wall Street analysts can't quite decode.

Institutional Confidence Holds

Major holders continue backing Ethereum's infrastructure despite broader market headwinds. The network's fundamental strength outweighs short-term price fluctuations, creating a paradox that leaves conventional treasury managers scratching their heads while crypto natives keep building.

Another quarter, another reminder that legacy finance institutions remain perpetually behind the curve—still trying to apply twentieth-century metrics to twenty-first-century assets.

Differentiation among DATs

Kendrick said the current downturn may create opportunities for differentiation rather than signaling the end of the sector.

Factors such as access to low-cost funding, scale advantages, and yield from staking or DeFi are expected to separate stronger players from weaker ones.

Ethereum-focused DATs are seen as the most sustainable, partly because staking returns can directly enhance mNAVs. Bitmine strategist Tom Lee has estimated that staking alone could add 0.6 points to the mNAV of Ethereum-based DATs.

This dynamic positions ethereum vehicles more favorably than those tied primarily to Bitcoin or Solana, which lack similar yield mechanics.

Implications for crypto markets

DATs collectively hold about 4% of Bitcoin, 3.1% of Ethereum, and 0.8% of solana in circulation, making their health a key driver of crypto demand.

Kendrick said consolidation is more likely among Bitcoin treasuries, leading to coin rotation rather than net new buying. By contrast, Ethereum DATs are poised to keep accumulating, providing a stronger tailwind for ether prices relative to rivals.

Key players in the sector include Bitmine, SharpLink, and The Ether Machine, all of which have become closely watched by investors who track the intersection of corporate balance sheets and digital assets.