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Geoffrey Kendrick, global head of digital asset research at Standard Chartered, has suggested publicly listed Ethereum treasury companies as more appealing investment vehicles than U.S. spot Ethereum ETFs. He contends that these companies create extra yield from active staking and DeFi engagement—features that passive ETFs lack—in addition to direct ETH price exposure.
Kendrick points out that treasury companies' NAV multiples, trading only above 1, indicate high investor confidence and "regulatory arbitrage" benefits. These businesses compound returns by staking ETH—approximately 3%—and participating in decentralized finance, hence providing shareholders with a structural advantage. Since June, treasury companies and spot ETFs have grabbed approximately 1.6% of ETH in circulation, therefore stressing their equal purchasing power.
Standard Chartered anticipates that as these treasury businesses take advantage of countries with welcoming cryptocurrency laws, they might manage up to 10% of Ethereum's supply going forward. Treasury companies are an appealing substitute for conventional spot ETFs for investors looking for more than just price tracking since they provide yield creation, regulatory flexibility, and demonstrated NAV resilience.
