BlockBeats news, September 16, Standard Chartered Bank's Global Head of Digital Asset Research Geoff Kendrick pointed out that although the market is concerned about the decline in mNAV (market value to net asset ratio) of Bitcoin, Ethereum, and Solana funds, publicly traded companies buying ETH are most likely to succeed.

Geoff Kendrick stated in the research report that an mNAV below 1 implies that the Digital Asset Treasury (DAT) may not be able to sustain its accumulation of underlying assets. Currently, the DAT holds 4.0% of the total BTC, 3.1% of the ETH, and 0.8% of the SOL, with its success or failure having a significant impact on coin prices. He expects investors to differentiate based on the DAT's cash-raising capability, treasury size, and yield-generating ability.

Based on the characteristics of generating returns through staking with ETH and SOL, Kendrick believes that the mNAV of its DAT will be higher than that of Bitcoin DAT. He is particularly optimistic about the development of Ethereum DAT, as it has established advantages before the new regulations that may require companies on Nasdaq to obtain shareholder approval in advance to set up cryptocurrency funds. "ETH DAT has the highest sustainability, and it is expected to continue maintaining the acquisition pace," he emphasized, "BitMine, Sharplink, and The Ether Machine are all crucial, and the staking returns alone should contribute 0.6 points to the mNAV of ETH DAT."