Bitcoin DAT looks most vulnerable as consolidation risks increase, Standard Chartered report

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Mikhail Vnuchkov

15.09.2025

Bitcoin DAT looks most vulnerable as consolidation risks increase, Standard Chartered report — Digital asset flows will be a stronger driver of Ethereum price than Bitcoin or Solana

The stock prices of publicly traded companies that hold cryptocurrency on their balance sheets as digital treasury assets (DATs) have sharply fallen in recent weeks, raising concerns about their sustainability. To continue attracting capital and accumulating coins, DATs may now need to trade at a premium to their net asset value.

In a report published Monday, Geoffrey Kendrick, Head of Digital Asset Research at Standard Chartered, argued that the primary cause of the decline in DAT stock prices was market saturation. However, he emphasized that DATs remain “selectively attractive for investment,” mainly because they provide access to digital assets in jurisdictions where direct participation is limited.

Kendrick noted that the recent sharp drop in DAT mNAV (market value of assets vs. enterprise value) will drive greater differentiation among companies and could lead to consolidation, particularly among firms holding Bitcoin treasuries.

In contrast, Ethereum and Solana treasury assets should command higher mNAV because they generate staking yields. Kendrick added that Ethereum is in a stronger position than Solana, as ETH treasury assets are more established.

“Going forward, we expect DAT success (measured by mNAV) to become increasingly differentiated, based on three factors: (1) financing – the ability to raise capital at the lowest cost; (2) size – the largest players in their class may achieve higher mNAV; and (3) yield – we believe ETH and SOL DATs should command higher mNAV than BTC DATs due to staking returns,” Kendrick said.

Currently, DATs hold 4% of all BTC, 3.1% of ETH, and 0.8% of SOL. With such large positions, the success or failure of treasury vehicles has a significant impact on token prices.

Bitcoin looks more vulnerable

Kendrick added that consolidation is likely if some DATs continue to trade below asset value for an extended period. In such cases, it may be cheaper for firms like Strategy to acquire competitors rather than buy coins directly. Such deals would be most relevant for Bitcoin treasury assets and would simply rotate assets within the DAT ecosystem, rather than generate new net demand.

DATs have been a key driver of Bitcoin and Ethereum prices in 2025, and to a lesser extent Solana. However, Bitcoin-focused companies appear the most vulnerable, as saturation and consolidation limit their ability to generate new inflows, Kendrick said.

Solana treasury assets remain less developed and face additional uncertainty after reports suggested that Nasdaq may require companies to seek shareholder approval before purchasing cryptocurrencies.

“Relatively speaking, we view DAT vehicles as a more positive driver for ETH in the future than for BTC or SOL,” Kendrick concluded.

As we wrote, Avalanche Foundation seeks $1B for AVAX treasury companies

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