Ethereum Treasury Firms May Surpass U.S. ETH ETFs with Staking and DeFi Advantages

Key Points

1. Ethereum treasury firms provide staking rewards and DeFi access, which U.S. ETH ETFs cannot offer, creating a regulatory arbitrage advantage.

2. Standard Chartered notes that normalized NAV multiples above 1 indicate stronger investor confidence in these firms compared to ETFs.

3. Ethereum treasury firms have acquired 1.6% of all ETH in circulation, matching the accumulation pace of U.S. ETH ETFs, with projections to hold up to 10%.

4. Firms like BitMine Immersion (BMNR) and SharpLink Gaming (SBET) hold significant ETH reserves (833,100 and 521,900 ETH, respectively).

5. Staking yields and DeFi strategies enhance returns for Ethereum treasury firms, further widening the performance gap with ETFs.