– Ethereum treasury firms outperform U.S. ETH ETFs by offering staking yields (~3%) and DeFi exposure, driving NAV multiples above 1.

– Standard Chartered’s Geoffrey Kendrick highlights these firms as superior investments due to enhanced ETH appreciation exposure and regulatory flexibility.

– Leading firms like BitMine Immersion and SharpLink Gaming now hold 1.35M ETH collectively, with potential to accumulate 10% of total supply.

– Institutional adoption and crypto reserve asset demand reinforce their role in Ethereum’s ecosystem, contrasting with ETFs’ regulatory constraints.