Source: cryptoslate

Translation: Blockchain Knight

Standard Chartered Bank stated that even though the second-largest cryptocurrency, Ethereum, surged to a historical high of $4,955 on August 25, the valuation of Ethereum and its treasury-holding companies remains undervalued.

The bank's head of cryptocurrency research, Geoffrey Kendrick, noted that since June, treasury companies and ETFs have absorbed nearly 5% of the circulating Ethereum, with treasury companies buying 2.6% and ETFs increasing their holdings by 2.3%.

The combined holding of 4.9% represents one of the fastest accumulation periods in cryptocurrency history, surpassing the pace at which BTC treasury and ETF holdings increased by 2% of circulating supply by the end of 2024.

Kendrick stated that the recent accumulation frenzy marks the early stages of a broader accumulation cycle. In a report from July, he predicted that treasury companies could ultimately control 10% of the circulating Ethereum.

Kendrick believes that given companies like BitMINE have publicly set a target of 5% holdings, this goal seems achievable. He pointed out that this means there is still 7.4% of the circulating supply to be accumulated, which will provide strong support for Ethereum's price.

The rapid accumulation pace highlights the increasingly important role of institutional players in the cryptocurrency market. Kendrick mentioned that the synergy between ETF fund flows and treasury accumulation creates a "feedback loop," which could further tighten supply and drive prices higher.

Kendrick raised the bank's previous forecast, stating that Ethereum could rise to $7,500 by the end of the year. He also noted that the current pullback is an "excellent entry point" for investors to position themselves for subsequent inflows.

Despite buying pressure pushing Ethereum's price higher, the valuation of Ethereum-holding companies has shown a reverse trend.

SharpLink and BitMINE are two of the most mature Ethereum treasury companies, with their net asset value (NAV) multiples falling below those of the largest Bitcoin treasury company, Strategy.

Kendrick stated that this valuation discount is unreasonable, as Ethereum treasury companies can earn a 3% staking yield, while the Bitcoin held by Strategy does not generate such returns.

He also mentioned that SBET recently plans to repurchase shares when its NAV multiple falls below 1.0, which he claims sets a "solid bottom" for the valuation of Ethereum treasury companies.

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