Digital assets treasure (Dats)The listed companies on the stock market that hold the crypto on their balance sheets, have been hardly affected in recent weeks as market navigation (Mnavs) Slid below 1, Geoff Kendrick of Standard Charterd said in a new report.
In the front, ether (Eth) The dates seem to have the most power thanks to the yield of intention, the regulatory clarity and the place to grow, argued Kendrick.
The MNAV report is crucial. When he falls, these companies lose the incentive (and sometimes capacity) To continue buying crypto, threatening a key source of Bitcoin demand Ether and Solana (Solana).
Kendrick said the next dats will be a differentiation. The winners will be those who will be able to collect funds at the lowest cost, reaching a scale that attracts the liquidity and attention of investors and, above all, gain a yield of jealization. This last point inclines the rules of the game to Ether and Solana Treor on Bitcoin, which lacks yield.
The saturation of the market is also at stake. The success of the strategy as a flagship Treasury of BTC has inspired a flood of copycates, nearly 90 in the last count, which together now hold more than 150,000 BTC, up this year, noted the analyst.
But if the MNAVs stay below 1, Standard Charterd expects consolidation. For BTC vouchers, this could mean that companies like Saylor’s strategy buy competitors rather than buying new bitcoin on the free market, a rotation of parts, not a new request.
Treasury bills to ether seem better positioned. They accumulate aggressively, with 3.1% of the eth level food purchased since June. The biggest player, Bitmin (BMNR) is well placed to continue adding to its 2 million ethf battery, depending on the report.
For cryptographic markets, this counts. The purchase of DAT was a key engine in the price of bitcoin and ether in 2025. But with the BTC vouchers, faced with consolidation pressure and the still relatively small Solana treasury, Standard Chartered considers ETH as the probable beneficiary in the future.
Find out more: The S&P 500 of the strategy is a warning signal for business bitcoin vouchers: JPMorgan
