Ethereum News Today: Standard Chartered backs Ethereum treasury firms over ETFs as NAV multiples rise above 1

Standard Chartered has shifted its investment stance in the Ethereum space, now favoring public companies that hold significant amounts of Ethereum in their treasuries over recently launched U.S. spot Ethereum ETFs [1]. The bank attributes this preference to the normalization of net asset value (NAV) multiples for these firms, which have begun to trade above 1, indicating growing investor confidence in their ETH exposure [2].

Ethereum treasury firms are companies that strategically hold large quantities of ETH on their balance sheets. As the broader market continues to mature and Ethereum adoption expands, these firms are seeing increased valuations that reflect their direct exposure to the crypto asset. Standard Chartered notes that this trend provides a compelling alternative to ETFs, which often come with management fees and operational limitations [3].

The shift in preference is rooted in the recent performance of NAV multiples. While most ETFs trade close to their NAV, Ethereum treasury firms are now being valued at a premium, a historically bullish sign. This suggests that investors are willing to pay more for equity-based exposure to Ethereum through these firms, as they offer operational leverage and a business model that aligns with the growth of the Ethereum ecosystem [4].

According to Standard Chartered’s Head of Digital Asset Research, Geoffrey Kendrick, these treasury firms have accumulated 1.6% of the total circulating supply of ETH since June 2025. This figure matches the buying volume of U.S. spot ETH ETFs over the same period, signaling a notable shift in institutional investment strategies [5]. The firm sees this trend as a reflection of growing institutional confidence in Ethereum as a strategic asset and a mainstream investment class.

The bank also reiterated its year-end price target of $4,000 for ether, despite the current price of $3,652 as of late July 2025 [6]. Standard Chartered argues that Ethereum treasury stocks offer more investable qualities than ETFs, particularly for traditional investors who may find equity-based exposure more familiar and accessible [7].

This evolving landscape suggests a broader convergence between traditional finance and digital assets. Institutions are increasingly exploring alternative avenues beyond ETFs to gain exposure to Ethereum, including direct holdings managed by public companies. This trend could mark the beginning of a new phase in Ethereum adoption, where strategic treasuries play a central role in institutional investment strategies.

Standard Chartered’s analysis underscores a key theme: as NAV multiples continue to rise and Ethereum adoption expands, companies with significant ETH holdings may outperform traditional financial instruments. This could reshape the investment landscape for both institutional and retail investors seeking exposure to one of the most prominent digital assets.

Source:

[1] Theblock.co – [https://www.theblock.co/post/365832/standard-chartered-ethereum-treasury-firms-very-investable-spot-eth-etfs](https://www.theblock.co/post/365832/standard-chartered-ethereum-treasury-firms-very-investable-spot-eth-etfs)

[2] Benzinga – [https://www.benzinga.com/crypto/cryptocurrency/25/08/46913842/how-ethereum-treasury-companies-beat-out-etfs-standard-chartered](https://www.benzinga.com/crypto/cryptocurrency/25/08/46913842/how-ethereum-treasury-companies-beat-out-etfs-standard-chartered)

[3] Yahoo Finance – [https://ca.finance.yahoo.com/news/ethereum-treasury-stocks-better-buy-172342345.html](https://ca.finance.yahoo.com/news/ethereum-treasury-stocks-better-buy-172342345.html)

[4] Cryptowisser – [https://www.cryptowisser.com/news/ethereum-treasury-stocks-are-a-better-buy-than-eth-etfs-standard-chartered/](https://www.cryptowisser.com/news/ethereum-treasury-stocks-are-a-better-buy-than-eth-etfs-standard-chartered/)

[5] Coinness – [https://coinness.com/en/news/79453](https://coinness.com/en/news/79453)

[6] Futunn – [https://news.futunn.com/en/post/60228738/daily-digital-currency-news-summary-2025-08-07](https://news.futunn.com/en/post/60228738/daily-digital-currency-news-summary-2025-08-07)

[7] X – [https://x.com/BecauseBitcoin/status/1953251963698622931](https://x.com/BecauseBitcoin/status/1953251963698622931)