Standard Chartered: Ether and Treasury Firms Undervalued Despite Market Drop
Standard Chartered says ether (ETH) and ETH treasury firms remain undervalued even after the recent sell-off, with strong inflows continuing into both corporate holdings and ETFs.
Geoff Kendrick, the bank’s global head of digital assets research, noted that since June, ETH treasuries have accumulated 2.6% of circulating supply, while ETFs have added another 2.3%, bringing the total to 4.9%. The demand helped push ETH to a record $4,955 on Aug. 24.
Kendrick expects treasury firms to eventually control 10% of ETH supply, maintaining his year-end price forecast of $7,500 and calling the dip below $4,500 a buying opportunity.
He also highlighted valuations of ETH treasury companies such as Sharplink Gaming and Bitmine Immersion, which now trade at lower mNAV multiples than MicroStrategy (MSTR) despite benefiting from a 3% staking yield. Sharplink’s pledge to repurchase shares if NAV multiples fall below 1.0 provides additional downside protection, he added.
ETF Demand Holds
Even as ETH fell 8% Monday — outpacing bitcoin’s 2% drop — ETFs saw $444 million in inflows, led by BlackRock’s iShares Ethereum Trust (ETHA) at $315 million, according to Farside Investors. That followed $338 million in inflows on Friday after Fed Chair Jerome Powell’s dovish Jackson Hole remarks.
