Standard Chartered analyst: The investment value of ETH treasury companies is superior to that of Spot ETFs, with SBET and other stocks becoming new favorites for institutional-level ETH exposure.

Geoff Kendrick, the head of digital asset research at Standard Chartered Bank, exclusively revealed to BeInCrypto that publicly listed companies holding Ethereum as treasury assets (such as Sharplink Gaming-SBET) currently offer better investment value than US Spot Ethereum ETFs. He pointed out that since the beginning of June, the purchase scale of these "ETH treasury companies" has matched that of the Spot ETH ETF, with both having acquired 1.6% of the circulating supply of ETH over the past two months. As the NAV valuation multiple (market capitalization/held ETH value) has fallen back to around 1.0, combined with staking yields and regulatory arbitrage advantages, ETH treasury stocks are becoming an efficient alternative for institutions to gain exposure to Ethereum prices. Market focus is shifting to SBET's Q2 financial report, which will be released on August 15.

ETF or Stocks? The Battle of ETH Exposure Tools Geoff Kendrick, Head of Digital Asset Research at Standard Chartered Bank, presented a disruptive view in an exclusive interview: For investors seeking exposure to Ethereum prices, buying shares of publicly traded companies that hold ETH as treasury assets (such as Sharplink Gaming-SBET listed on Nasdaq) currently offers more value than directly investing in a U.S. Spot Ethereum ETF.

Coin purchase scale is on par, NAV valuation tends to be reasonable Kendrick pointed out key data: since the beginning of June, the purchasing scale of the ETH treasury company has been on par with the Spot ETF - in the past two months, both channels have absorbed 1.6% of the Ethereum Circulating Supply. He specifically emphasized that the key metric for measuring the valuation of such companies, the NAV multiple (market capitalization divided by the value of held ETH), has begun to normalize. The current trading price of the leading Ethereum holding stock SBET is just slightly above 1.0 times NAV.

Three Major Advantages: Directly Connected to ETH Price, Staking Returns, and Regulatory Arbitrage "The NAV multiple falling below 1.0 lacks reasonable basis," Kendrick analyzed, "These companies provide investors with regulatory arbitrage opportunities. Given that the current NAV multiple is slightly above 1, I believe that ETH treasury companies are a superior buying asset compared to the US spot ETH ETF." He listed core advantages:

1. Directly Capture the Price Increase of ETH: The appreciation of ETH is directly reflected in the company's value per share.
2. Increase per share ETH content: The company's continuous accumulation will increase the corresponding ETH quantity per share.
3. Earn staking rewards: The company can stake its holding of ETH to gain additional returns.

Industry Expansion: Secretly Accumulating 2 Million ETH, Tens of Millions of Increment Expected The ETH treasury company model has developed rapidly since it quietly emerged at the beginning of the year. According to statistics, such companies have cumulatively held over 2 million ETH. Standard Chartered Bank predicts that an additional 10 million ETH may be added to the balance sheets of listed companies. In just the past month, these companies have increased their holdings by 545,000 ETH (approximately $1.6 billion), with SBET purchasing 50,000 ETH in a single month, bringing its total holdings to over 255,000 ETH.

Institutional Trend: 12 Listed Companies Hold Over One Million ETH Kendrick's view echoes a broader trend in institutional positioning. As of August, approximately 12 listed companies hold over 1 million ETH, including BitMine Immersion Technologies and Bit Digital, in addition to SBET. Currently, listed companies collectively hold 0.83% of the total supply of ETH.

Spot ETF experiences large inflows and outflows, structure continues to optimize At the time of this statement, the Spot ETH ETF is experiencing significant fluctuations. After recording an inflow of 5.4 billion dollars in July, the U.S. ETF faced a major reversal in early August:

• August 1: Net outflow of 152 million USD
• August 4: Net outflow of $465 million in a single day (setting a historical record), of which BlackRock ETHA accounted for $375 million.
• August 5: The market partially recovered, with a net inflow of 73 million USD (led by BlackRock, Grayscale slightly redeemed) Despite the fluctuations in capital flow, the ETF structure continues to improve. In late July, the SEC approved the physical creation and redemption mechanism for cryptocurrency ETFs, making their operation closer to that of traditional commodity ETFs.

Conclusion: ETH treasury stocks establish an efficient alternative position, SBET financial report becomes a barometer The endorsement from Standard Chartered Bank highlights the shift in institutional Ethereum investment dynamics. With NAV valuation multiples stabilizing and staking yields accumulating, ETH treasury companies are correctly establishing their position as effective alternatives to ETFs. Investors will closely monitor the Q2 financial report released by SBET on August 15. As Kendrick noted, this report may further validate ETH treasury companies as a viable institutional asset class, providing new avenues for capital seeking Ethereum regulatory arbitrage opportunities and optimizing ETH exposure efficiency.