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Ether and ETH Treasury Companies Look Undervalued After Plunge: Standard Chartered
Since the beginning of June, ether treasury companies and ETH ETFs have purchased a massive 4.9% of the crypto's circulation, the bank's Geoff Kendrick said.
Updated Aug 26, 2025, 4:14 p.m. Published Aug 26, 2025, 1:35 p.m.
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What to know:
- Since June, ether treasury companies have bought 2.6% of the crypto's supply, and ETH ETFs another 2.3%, according to Standard Chartered's Geoff Kendrick.
- Kendrick sees ether hitting $7,500 by year end, and views the recent dip as a strong entry point.
- Multiples for two notable ether treasury companies, Sharplink Gaming and Bitmine Immerisoin, trail bitcoin giant Strategy despite capturing ETH’s 3% staking yield, the report noted.
Ether and the ETH treasury companies are cheap at today’s levels, Standard Chartered's global head of digital assets research, Geoff Kendrick, said in emailed comments Tuesday.
Since the start of June, ether treasury companies have purchased 2.6% of all ETH in circulation. When combined with exchange-traded fund (ETF) inflows since then, the combination of the two has purchased a staggering 4.9% of all ETH in circulation, the analyst noted.
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As a result the world's second-largest cryptocurrency hit a fresh all-time high of $4,955, on Sunday 24, Kendrick said.
Although these inflows have been significant, the point, said Kendrick, is that they are just getting started. He previously estimated that the treasury companies would end up owning 10% of all ETH in circulation, a goal that definitely seems in reach.
Despite the recent plunge in ETH, Kendrick is sticking with his previous forecast that ether would reach $7,500 by year-end. He views the sell-off to below $4,500 over the last two days as creating a great entry point.
Turning to the valuation of ether treasury companies, Kendrick said they have continued to normalize. The mNAV multiples (the ratio of the value of their crypto holdings versus stock market capitalization) for Sharplink Gaming and Bitmine Immersion have declined, falling below that of Michael Saylor's Strategy (MSTR).
Given that the ether treasury companies are able to capture ETH’s 3% staking yield, Kendrick sees no reason for the mNAV multiples to be below that of MSTR (which captures no such staking yield).
Furthermore, the SBET announcement on Friday that it will repurchase stock if the NAV multiple falls below 1.0, creates a hard floor for the ETH treasury multiples, he added.
ETH ETF Flows Remained Strong Despite Sell-Off
Despite Monday’s market rout, which dragged ether down 8% — about four times bitcoin’s decline — investors in exchange-traded funds (ETFs) kept buying.
The funds saw about $444 million in inflows on Monday, led by BlackRock’s iShares Ethereum Trust's (ETHA) $315 milllion, according to Farside Investors.
That followed $338 million in inflows for the group on Friday when ether was soaring following dovish Jackson Hole remarks by Fed Chair Jerome Powell.
Read more: Ethereum Treasury Stocks 'Better Buy' Than ETH ETFs, Standard Chartered Says
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