Digital asset boxes (Dats)Listed companies holding crypto on their balance have been hit hard in recent weeks as their market’s NAVs (Mnavs) Worn under 1, Standard Chartered’s Geoff Kendrick said in a new report.
Looking ahead, ether (Eth) DATS seems to have the most residency thanks to efforts outlets, legislative clarity and space to grow, argued Kendrick.
The MNAV relationship is crucial. When it falls, these companies lose the incentive (and sometimes the ability) To continue to buy crypto, threaten an important source of demand for Bitcoin Ether and Solana (Solana).
Kendrick said the next phase of dats will be one of differentiation. The winners will be those who can raise money for the lowest costs, achieve scale that draws liquidity and investor attention, and crucial serving the effort. The last point tilts the game field against Ether and Solana state boxes over Bitcoin, which lacks yield.
Market saturation also plays. The strategy’s success as flagship BTC Treasury has inspired a flooding of copycats, almost 90 at the last count, which together now have more than 150,000 BTC, up six times this year, noted the analyst.
However, if MNAVs remain below 1, the standard charter expects consolidation. For BTC Treasuries, it could mean that companies like Saylor’s strategy buy rivals rather than buying new Bitcoin in the open market, a coin rotation, not fresh demand.
Ether treasuries look better placed. They have accumulated aggressively, with 3.1% of ETH’s circulating supply purchased since June. The biggest player, bitmine (BMNR) is well placed to continue adding its 2 million ETH stack, the report says.
For crypto markets, it matters. DAT -purchases have been an important driving force for Bitcoin and Ether prices in 2025. But with BTC state boxes facing consolidation pressure and Solana state boxes that are still relatively small, the standard chartered ETH looks as the likely recipient in the future.
Read more: Strategy’s S&P 500 Snub is a cautious signal for the company’s Bitcoin State Boxes: JPMorgan
