according to The Block, Geoffrey Kendrick, Global Head of Digital Assets Research at Standard Chartered Bank, stated that Ethereum will benefit more from the rise of Digital Asset Treasury (DAT) companies compared to BTC and Solana.

In a report released on Monday, Kendrick pointed out that the recent sharp decline in the mNAV (the ratio of enterprise value to cryptocurrency holdings) of DAT companies will force differentiation among companies and may drive consolidation, especially among Bitcoin treasury companies. In contrast, Ethereum and Solana treasury companies should receive a higher mNAV due to their ability to generate staking rewards, but Ethereum's position is more stable.

According to statistics, DAT companies currently hold 4% of all BTC, 3.1% of ETH, and 0.8% of SOL. Kendrick believes that the future success of DAT companies will be based on three factors: financing capabilities, size, and yield. Among them, Ethereum treasury companies demonstrate greater resilience due to the advantage of staking rewards, with the largest ETH DAT company, BitMine Immersion, already holding over 2 million ETH.