Ethereum Treasury Outperforms ETFs in Investment Choices, According to Standard Chartered
Ethereum Treasury Firms Outperform US-Based ETH ETFs
Ethereum treasury firms are increasingly becoming a preferred investment option over US-based Ethereum ETFs. This shift is primarily due to the treasury firms' ability to provide stable net asset value (NAV) multiples above 1, engage in active yield generation through staking and decentralized finance (DeFi) strategies, and offer regulatory advantages.
Since June 2025, these firms have accumulated approximately 1.6% of the total Ethereum (ETH) supply. This consistent accumulation of ETH gives them a significant edge in capitalizing on Ethereum's growth and transaction volume increases within the ecosystem.
In contrast, US spot ETH ETFs have faced volatile inflows and outflows, as seen in a single-day outflow of $465 million in August 2025. This volatility can lead to unpredictable returns for investors.
One key reason for the treasury firms' outperformance is their stable NAV multiples, which hover slightly above 1. This stability reflects investor confidence in their ability to preserve and grow capital.
Another significant factor is the active yield strategies employed by these firms. Unlike US spot ETH ETFs, treasury firms engage in Ethereum staking protocols and participate in DeFi platforms. This active participation generates additional yield on their holdings beyond simple price appreciation.
Treasury firms also benefit from regulatory arbitrage, enabling direct ETH exposure alongside staking rewards, a feature that ETFs are restricted from offering in the US. This advantage, coupled with institutional investor favoritism, has led to a steady increase in ETH treasury holdings by companies like SharpLink Gaming and BitMine Immersion Technologies.
For instance, BitMine Immersion holds over 833,100 ETH, while SharpLink Gaming's NAV multiple has settled just above 1, suggesting continued growth and influence of Ethereum treasury firms. The steady rise in holdings by these firms matches the buying pace of spot ETH ETFs.
Investors view Ethereum treasury firms as a way to bypass certain ETF limitations and access more yield-generating activities. This preference for treasury firms over ETFs is likely to continue, making them a preferred choice for investors seeking both capital appreciation and yield from Ethereum exposure.
Cryptocurrency and technology play significant roles in the success of Ethereum treasury firms, as they engage in active yield generation through staking and decentralized finance (DeFi) strategies. These firms have a competitive edge over US-based Ethereum ETFs, as they offer stable net asset value (NAV) multiples above 1, provide regulatory advantages, and can capitalize on Ethereum's growth and transaction volume increases.
In the world of finance and investing, Ethereum treasury firms are becoming a preferred choice for investors, surpassing the performance of US-based Ethereum ETFs. This preference is driven by factors such as the stable NAV multiples, active yield strategies, and regulatory advantages that these firms offer.
