Ethereum Treasury Companies Outpace Spot ETFs, Says Standard Chartered

Standard Chartered Bank argues that Ethereum treasury companies may offer better long-term upside than U.S. spot Ether ETFs, citing faster accumulation rates and staking rewards as key advantages. While spot ETFs have captured headlines, the bank’s research shows that treasury firms could play an even larger role in ETH adoption and price growth.

Why Ethereum Treasury Holdings Outperform Spot ETFs

According to Geoffrey Kendrick, head of digital assets research at Standard Chartered, Ethereum treasury companies—firms that directly hold ETH on their balance sheets—are quietly outpacing ETFs in net purchases. Since June, both ETFs and treasury firms have acquired about 1.6% of circulating ETH, but treasuries have been buying at nearly double the rate of funds.

The difference, Kendrick noted, is that ETFs do not currently distribute staking rewards, while treasuries can compound returns through staking mechanisms. This creates a structural edge for treasury companies, making their ETH positions more productive over time.

Kendrick also pointed to lighter regulatory burdens compared to ETFs, which face ongoing scrutiny from the SEC and operational constraints in fund structures. In contrast, treasuries can accumulate ETH more freely and reinvest staking yields, accelerating growth potential.

Standard Chartered’s Long-Term Outlook for ETH

The bank’s analysts believe treasury companies could eventually hold up to 10% of total ETH supply, a tenfold increase from current levels. This “regulatory arbitrage” advantage may give them more room to scale than Bitcoin treasuries, which face stricter oversight.

Standard Chartered forecasts that sustained flows from both ETFs and treasuries could help push ETH above the $4,000 mark by year-end 2025, a level not seen since its all-time high in November 2021.

By highlighting the overlooked impact of ETH treasuries, the bank suggests that institutional accumulation is broader than ETF inflows alone—and could be a powerful driver of Ethereum’s next rally.

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