In 2025, the landscape of digital asset investment continues to evolve, with Ethereum (ETH) treasury companies emerging as notable contenders against traditional exchange-traded funds (ETFs). A recent update from Geoffrey Kendrick, Head of FX and Digital Assets Research at Standard Chartered, highlights this trend, showcasing how publicly listed treasury firms are rapidly gaining traction in the Ethereum market.
According to Kendrick’s analysis, data from Standard Chartered reveals that since June 1, the Ethereum acquisitions by treasury companies have matched those of spot ETFs, with each group amassing approximately 1.6% of the total Ethereum in circulation. This indicates a significant shift in how investors are approaching digital asset exposure, with treasury firms like Sharplink (SBET) attracting increased institutional interest due to their growing Ethereum holdings.
“Buying by the Treasury companies has now matched that of ETFs,” Kendrick noted. He emphasized Sharplink as a benchmark, pointing out that its net asset value (NAV) multiple has “eased back to just above 1,” following a period of overvaluation.
The NAV multiple, which is calculated by dividing market capitalization by the value of ETH held, serves as a proxy for investor sentiment and potential price premium. Kendrick asserts that current NAV levels suggest that treasury companies are now fairly priced, if not undervalued. This is particularly notable given the additional benefits these companies provide over traditional ETFs, such as staking rewards and enhanced ETH-per-share metrics, along with regulatory advantages for certain investors.
“There is no reason for the NAV multiple to go below 1.0,” Kendrick stated, reinforcing his perspective that treasury firms offer attractive opportunities for investors seeking both exposure to Ethereum and the potential for upside through staking yields or ETH accumulation strategies.
Looking ahead, the upcoming Q2 earnings report from Sharplink, scheduled for August 15, 2025, may provide further insights into this emerging asset class. As one of the most prominent publicly listed ETH treasuries, Sharplink has been intensifying its Ethereum concentration over the past quarter, aligning with a broader trend where public companies increasingly allocate digital assets like Bitcoin (BTC) and Ethereum to their corporate reserves.
While Bitcoin treasury strategies led by firms like MicroStrategy (MSTR) often dominate discussions, Ethereum treasury adoption is swiftly gaining momentum. Companies such as Satsuma Technology (SATS) and BitMine (BMNR) have been aggressively increasing their Ethereum holdings in 2025, reflecting a growing recognition of the asset’s value.
Simultaneously, ETFs such as Grayscale’s ETHE and newly launched U.S. spot ETH funds have also seen substantial inflows. However, the emerging parity in net buying volumes between treasury companies and ETFs indicates a significant shift in investor strategy, particularly among those seeking more dynamic exposure than what passive ETFs typically offer.
In conclusion, as Ethereum treasury companies continue to expand their influence in the digital asset space, their growing popularity could reshape investment strategies for both institutional and retail investors in 2025. With enhanced opportunities for returns and a more active investment approach, these firms represent a compelling alternative to traditional ETFs.
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