Standard Chartered Predicts Ethereum Treasury Companies Could Own 10% of ETH Supply

By Marco Piccolo

Key highlights:

  • Ethereum treasury companies have acquired 1% of ETH supply in just two months, nearing $9 billion in holdings.
  • Standard Chartered projects these corporate holdings could rise to 10% of ETH’s total supply over time.
  • Regulatory arbitrage, staking yields, and DeFi access are driving institutional interest in Ethereum over Bitcoin.

Ethereum’s growing appeal among institutional investors has taken a sharp upward turn, with corporate treasuries accumulating over 1% of the total ETH supply within just two months, according to a new report from Standard Chartered. The bank estimates that this figure could expand tenfold, potentially reaching 10% of ETH’s circulating supply in the coming years.

Ethereum treasuries outpace Bitcoin counterparts

In a research note authored by Geoff Kendrick, Standard Chartered’s global head of digital assets research, the bank highlights the accelerating pace of ETH acquisitions by public companies. Corporate buyers have amassed approximately 1.26 million ETH (worth nearly $9 billion) since June, closely matching the pace of purchases by newly launched spot Ethereum ETFs, which added 2 million ETH over the same period.

By contrast, Bitcoin treasury holdings stand at around 4.4% of BTC’s total supply, with Strategy (formerly MicroStrategy) alone holding close to 3%. Yet Kendrick believes ETH treasuries may ultimately outpace their Bitcoin-focused counterparts, driven by Ethereum’s ability to generate passive yield through staking and its utility within decentralized finance.

Regulatory arbitrage and staking rewards attract corporates

Kendrick identifies regulatory arbitrage as a core driver behind this trend. In jurisdictions where direct crypto ownership is restricted, publicly listed companies are being used as proxies for ETH exposure. This phenomenon has led to what Kendrick calls a “positive NAV multiple,” where company valuations exceed the net value of their ETH holdings.

Ethereum’s staking yields, which are currently around 3%, combined with access to DeFi opportunities, provide additional incentives that Bitcoin lacks. These features not only enhance ETH’s appeal as a treasury asset but also differentiate Ethereum treasuries structurally from Bitcoin ones.

However, these advantages are not without risks. Other analysts, such as those at Bernstein, have cautioned that ETH staking requires time to unstake and involves smart contract risks when engaging in DeFi. Despite this, Standard Chartered remains bullish.

Major players and the road to 10%

BitMine Immersion Technologies (BMNR), backed by Peter Thiel, is currently the largest ETH treasury company and aims to hold as much as 5% of the total ETH supply.

If successful, this would represent net purchases of around 6 million ETH from current levels. Other active players include SharpLink Gaming (SBET), BTCS Inc. (BTCS), GameSquare Holdings (GAME), and The Ether Machine (ETHM).

SharpLink, now the second-largest ETH holder among public companies, recently acquired 77,210 ETH, a figure greater than all ETH issued in the previous month.

Kendrick believes the growing interest signals the beginning of a longer-term structural shift. “For ETH this is likely to happen more quickly, as the broader concept of corporate holdings of digital assets is already accepted,” he noted.

With Ethereum currently trading around $3,850 and Standard Chartered maintaining its year-end price target of $4,000, continued treasury accumulation and ETF inflows could provide the momentum ETH needs to break above key resistance levels.

Source:: Standard Chartered Predicts Ethereum Treasury Companies Could Own 10% of ETH Supply

Updated: July 29, 2025 at 5:07 pm
Tags: , , , ,