Ethereum treasury companies are quickly gaining traction as a powerful investment option, surpassing the appeal of U.S. spot Ethereum ETFs, says Geoffrey Kendrick, Standard Chartered’s global head of digital assets research. He highlights their strong net asset value (NAV) multiples — now stabilized above 1 — and the ability to offer greater returns through staking rewards and DeFi participation, advantages not available to U.S. ETFs.

SharpLink Gaming (SBET), backed by Ethereum co-founder Joe Lubin, stands out with a NAV multiple just above 1. Kendrick emphasized that ETH treasury firms provide a “regulatory arbitrage” advantage, making them especially attractive to investors. These firms have collectively acquired 1.6% of all ETH in circulation since June — matching ETF accumulation rates — with BitMine (BMNR) leading the pack and targeting 5% ownership of all ETH.