Standard Chartered analysts: believe that ETH treasury companies are most likely to achieve long-term success.

On September 16, Geoff Kendrick, the global head of digital asset research at Standard Chartered Bank, pointed out that despite market concerns about the decline in mNAV (market capitalization to net asset ratio) of Bitcoin, Ethereum, and Solana funds, publicly traded companies buying ETH are most likely to succeed. In his research report, Geoff Kendrick stated that an mNAV below 1 means that digital asset funds (DAT) may not be able to continue to increase their underlying assets. Currently, DAT holds 4.0% of the total network's BTC, 3.1% of ETH, and 0.8% of SOL, and its success or failure has a significant impact on coin prices. He expects investors to differentiate based on DAT's cash fundraising ability, fund size, and coin-holding yield capability. Given that ETH and SOL can generate yield through staking, Kendrick believes their DAT's mNAV will be higher than Bitcoin DAT. He is particularly optimistic about the development of Ethereum DAT, as it has established an advantage before new rules that may require companies to obtain shareholder approval in advance to establish crypto funds on Nasdaq. "ETH DAT has the highest sustainability and is expected to maintain its acquisition pace," he emphasized, "BitMine, Sharplink, and The Ether Machine are all crucial, and just the staking yield should contribute 0.6 points to ETH DAT's mNAV."