Key Insights:

• Market NAVs for many Digital Asset Treasuries (DATs) have dropped below 1, causing firms to halt crypto purchases, which could impact demand for BTC, ETH, and SOL.
• The top DATs will possess cheap funding, scalability, and staking yield, favoring Ether and Solana treasuries over Bitcoin as articulated by analyst Geoff Kendrick.
• Currently, Ether DATs are actively accumulating, making ETH more likely than BTC or SOL to receive ongoing support.

Digital Asset Treasuries (DATs) have faced considerable pressure recently, according to Standard Chartered’s Geoff Kendrick, as their market NAVs sank below 1. He believes Ether (ETH) DATs will have greater resilience because of staking yields and potential growth, unlike Bitcoin, which at this point lacks yield.

When the mNAV ratio decreases, these entities lose motivation and sometimes the ability to continue purchasing crypto. This decline poses a threat to a significant source of demand for BTC, ETH, and SOL. Kendrick emphasized that differentiation will be crucial for DATs moving forward, with winners emerging from those who can acquire funds at the lowest expense, gain scale that invites liquidity and investor interest, and earn staking yields. This last factor favors Ether and Solana over Bitcoin.

Additionally, Ether treasuries have demonstrated aggressive accumulation, accounting for 3.1% of ETH’s circulating supply since June with the largest player, Bitmine, positioned to continue adding to its 2 million ETH stash. The robustness of DAT buying has significantly influenced Bitcoin and Ether prices throughout 2025, but with pressures on BTC treasuries, Ether is expected to be the primary beneficiary moving forward.