Ethereum Reserves Show Potential for Long-term Stability, Suggests Analysis by Standard Chartered
In the dynamic world of digital assets, two companies, BitMine Immersion (NYSE: BMNR) and SharpLink Gaming (NYSE: SBET), have emerged as frontrunners in the realm of Digital Asset Treasury Companies (DATs). These companies are making waves by holding significant amounts of Ethereum (ETH) in their treasuries.
BitMine, trading under the BMNR ticker on the New York Stock Exchange, currently owns the largest Ethereum treasury with 1,523,373 ETH, valued at approximately $6.612 billion as of August 2025. The company plans to further expand its holdings, aiming to acquire 5% of all ETH, driven by institutional investors and a strategic focus on Ethereum’s blockchain ecosystem in the coming months.
SharpLink Gaming, on the other hand, holds 837,230 ETH, worth approximately $3.78 billion. Over the past week, Ethereum has gained nearly 3%, and in the past 30 days, it has almost gained 2%. However, in the past 24 hours, Ethereum has dropped nearly 3%.
Geoff Kendrick, Standard Chartered's analyst, is more bullish on Ethereum DATs due to their earlier establishment before Nasdaq's potential requirement for shareholder approval for crypto treasuries. Kendrick believes that Ethereum treasury companies, with their ability to generate staking yields, have the best chance of long-term success. BitMine's Tom Lee estimates that staking yield should add 0.6 to ETH DAT market-to-net asset value (mNAV) alone.
Sustainable digital asset treasury companies need an mNAV above 1 to continue buying underlying assets. The success of digital asset treasury companies has significant implications for coin prices. According to data, DATs hold 4% of Bitcoin, 3.1% of Ethereum, and 0.8% of Solana.
Interestingly, 90% of users on Myriad, a prediction market, believe BitMine will end the year with more ETH than SharpLink. This bullish sentiment towards BitMine could be a reflection of the company's aggressive expansion plans and its strategic focus on Ethereum’s blockchain ecosystem.
As DATs differentiate themselves based on their ability to raise cash, sheer size, and their ability to generate yield with their holdings, it will be interesting to see how the competition unfolds in the coming months. With Ethereum currently trading at $4,491, the stage is set for an exciting journey for these digital asset treasury companies.
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