Altcoins News
By Dan Saada
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Ethereum (ETH) traded at around $4,520 on Monday, as analysts from Standard Chartered suggest that digital asset treasuries (DATs) focused on Ethereum are better positioned for…
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This outlook is based on concerns over the ability of crypto-focused funds to expand their holdings amid price compressions and rising operational costs.
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ETH Treasuries Stand Out Amid Crypto Saturation
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Digital asset treasuries are publicly traded firms that accumulate significant amounts of cryptocurrencies on their balance sheets.
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Kendrick explained that investors are growing cautious as stock prices of DATs compress relative to their net asset value, measured by the market-to-net asset value (mNAV) ratio.
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For DATs to sustain their operations, an mNAV greater than 1 is critical, indicating that investors have confidence in the company’s assets and future potential.
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Bitcoin DATs Face Saturation, While Ethereum Offers Yield Opportunities
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Bitcoin-focused DATs are increasingly crowded, with limited room for further expansion. As new demand slows, Bitcoin treasuries may face lower mNAVs and reduced access to…
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In contrast, Ethereum treasuries benefit from staking yields—profits earned by locking up ETH to support the network—which enhance their earning potential.
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“This is why ETH and SOL DATs should be assigned higher mNAVs than BTC DATs due to staking yield,” Kendrick remarked, suggesting that Ethereum-based treasuries have a more…
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BitMine Immersion Leads with Largest Ethereum Reserve
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One of the largest players in Ethereum accumulation is BitMine Immersion (BMNR), which holds approximately $9.7 billion in ETH on its balance sheet.
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“I think that ETH DATs have the highest probability of being sustainable, and therefore ETH buying by DATs can continue at pace,” Kendrick said, reinforcing the view that…
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Standard Chartered’s research team previously described ETH treasuries as outperforming Bitcoin-focused strategies like those led by Michael Saylor, which rely heavily on Bitcoin…
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Ethereum’s Technical Outlook: Support Near $4,500
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