Ether and ETH treasury companies are seemingly undervalued after recent market fluctuations, according to Geoff Kendrick, Standard Chartered’s global head of digital assets research. In emailed comments today, Kendrick highlighted that since the beginning of June, these treasury companies have acquired 2.6% of all circulating Ether. Combined with persistent inflows into Ether ETFs, this amounts to a total acquisition of 4.9% of all ETH, culminating in a new all-time high of $4,955 for the cryptocurrency just days ago.
Treasury Companies on the Rise
Despite Ether’s recent price dip below $4,500, Kendrick remains optimistic, predicting a year-end price of $7,500. He argues this dip offers a prime buying opportunity. The valuation of Ether treasury companies, however, is what truly piques his interest. Sharplink Gaming and Bitmine Immersion have seen their mNAV multiples (a comparison between the value of their crypto holdings and their stock market capitalization) dip below that of Michael Saylor’s Strategy (MSTR). Considering these companies benefit from Ether’s 3% staking yield—unlike MSTR—Kendrick sees their current valuation as unjustly low.
Adding to the intrigue, SBET’s recent declaration that it will repurchase stock should its NAV multiple fall below 1.0 provides a safety net for these treasury companies. This move creates a tangible floor for ETH treasury multiples, bolstering investor confidence. As explored in Public Keys: Ethereum Treasuries Soar, Bitcoin ETFs’ $1 Billion Bleed, Crypto IPO Chatter, the dynamics of treasury valuations and ETF movements are critical in understanding the broader market shifts.
ETF Inflows Defy Market Turmoil
Meanwhile, Ether ETFs have demonstrated resilience amid the market turbulence, which saw Ether plummet by 8%—a significantly steeper fall than Bitcoin’s 2% decline. Yet, investors remain unfazed, funneling approximately $444 million into these funds on Monday alone. The lion’s share of these inflows, about $315 million, was directed towards BlackRock’s iShares Ethereum Trust (ETHA), showcasing sustained investor faith in Ether’s longer-term prospects. This influx follows a similarly robust $338 million in inflows on the preceding Friday, fueled by the Federal Reserve’s dovish stance at the Jackson Hole conference. As the Fed signaled a potential easing of monetary policy, investors appeared emboldened, betting on a brighter future for cryptocurrencies. For a deeper dive into the contrasting fortunes of Bitcoin and Ethereum ETFs, see Bitcoin ETFs Shed $1 Billion in Five Days Amid Ethereum Comeback.
Historical Context and Future Implications
To provide a bit of historical perspective, Ether has experienced a roller-coaster ride over the past year. The Merge, Ethereum’s high-profile transition to proof-of-stake in September 2022, set the stage for the current staking dynamics. The ensuing months saw fluctuations in staking yields and market sentiment, but the underlying fundamentals—like Ethereum’s robust developer community and increasing adoption—remain strong.
Looking ahead, Kendrick’s bullish forecast raises a question mark: Can Ether sustain and even surpass its recent highs? Given the current buy-in from institutional investors and the strategic moves by treasury companies, there’s a palpable sense of optimism. However, the volatile nature of crypto markets means nothing is set in stone.
As we move towards the end of 2025, the interplay between treasury actions, ETF inflows, and broader economic indicators will be crucial in determining Ether’s trajectory. Investors and analysts alike will be watching closely, eager to see if Kendrick’s predictions hold water or if the market has more surprises in store.
Source
This article is based on: Ether and ETH Treasury Companies Look Undervalued After Plunge: Standard Chartered
Further Reading
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- Ethereum Treasury ETHZilla Reveals $250 Million Buyback After Stock Craters
- Ethereum Is Outperforming And Beating Bitcoin In This Key Metric
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
