Standard Chartered’s Geoff Kendrick Suggests Ethereum Treasury Firms May Outperform Spot ETFs Amid Market Shifts

Key Points

1. Ethereum purchases by treasury firms have equaled those of ETFs since early June, with both acquiring 1.6% of ETH’s circulating supply over the last two months.

2. SharpLink Gaming (SBET) trades near a NAV of 1.0, offering ETH exposure and staking rewards, with Kendrick noting no reason for NAV multiples to go below 1.0.

3. In the past month, Ethereum treasury firms added 545,000 ETH (worth $1.6 billion), with SharpLink Gaming buying 50,000 ETH, bringing its total to over 255,000 ETH.

4. US Ethereum spot ETFs saw significant outflows in early August, including a record $465 million in a single day, though partial recovery occurred later with $73 million in net inflows.

5. The SEC approved in-kind creation and redemption mechanisms for crypto ETFs in late July, allowing them to operate more like traditional commodity ETFs.