Ethereum treasury companies are rapidly emerging as a powerful alternative to U.S.-based spot Ethereum ETFs, according to Geoffrey Kendrick, Standard Chartered’s global head of digital assets research. These companies are capturing investor attention thanks to their strong performance metrics and added benefits that ETFs simply can’t offer.
Why Ethereum Treasury Companies Are Gaining Investor Confidence
Kendrick points out that Ethereum treasury firms are delivering impressive net asset value (NAV) multiples, which have now stabilized above 1. This performance metric indicates that these firms are maintaining or growing their asset values — a key factor for investors seeking long-term returns. More importantly, unlike U.S. ETFs, Ethereum treasury companies can participate in staking and decentralized finance (DeFi) activities. These additional earning mechanisms provide significant yield-generating opportunities that traditional ETFs are currently barred from accessing due to regulatory constraints.
One standout in this space is SharpLink Gaming (SBET), a company backed by Ethereum co-founder Joe Lubin. SBET has maintained a NAV multiple just above 1, reflecting healthy asset management and strong investor confidence. Kendrick refers to these treasury firms as benefitting from “regulatory arbitrage”, giving them a strategic edge over more tightly regulated ETF products.
Ethereum Accumulation on Par With ETFs
Ethereum treasury firms have collectively acquired 1.6% of all ETH in circulation since June — a figure that matches the accumulation rate of Ethereum spot ETFs. Among them, BitMine (BMNR) is leading the charge. The company has set a bold target: to own 5% of all ETH in circulation, signaling its long-term commitment and confidence in Ethereum’s value proposition.
With increasing institutional interest and more flexible operational models, Ethereum treasury firms are carving out a unique space in the crypto investment world. By offering access to higher yields through staking and DeFi, and operating with fewer regulatory hurdles, these companies present a compelling alternative to traditional ETF structures — especially for investors seeking both growth and innovation in the Ethereum ecosystem.
