Standard Chartered, a big British bank, just came out swinging for Ethereum. Their latest report says ETH, and the companies that hold it, are dirt cheap right now. They believe these assets are seriously undervalued, setting them up for massive growth in the years to come.
This isn’t just a hunch. Geoffrey Kendrick, who leads digital asset research for the bank, explained why. He pointed out that businesses have bought up 2.6% of all Ether tokens since June. On top of that, new spot ETH exchange-traded funds, or ETFs, have snagged another 2.3% during the same time. That means in less than three months, almost 5% of the total ETH supply has landed in these big investment vehicles.
This buying spree certainly helped push Ethereum’s price. It hit a new high of $4,955 on August 24. While it cooled slightly to around $4,563 recently, the overall trend is clear.
Companies Holding ETH: A Better Bet Than Bitcoin Giants?
Kendrick’s analysis goes further, putting a spotlight on companies like SharpLink Gaming (SBET) and BitMine Immersion (BMNR). These firms actively hold Ethereum in their treasuries. He argues they are currently valued less than MicroStrategy (MSTR), a company famous for its large Bitcoin holdings.
This difference in value doesn’t make much sense, Kendrick says. ETH-focused companies earn an extra 3% return from “staking” their Ethereum. Bitcoin companies don’t get this perk. So, the value of these Ethereum treasuries should reflect this bonus, he explained. SharpLink Gaming even announced it would buy back its own shares if its asset value multiple drops too low. Kendrick sees this as a strong safety net for the company’s worth.
The Smart Money’s Play: Why ETH Treasuries Beat ETFs
The Standard Chartered executive also thinks Ethereum digital treasury companies offer a better investment opportunity than US spot ETFs. Why? Because these ETFs can’t do things like staking or participate in decentralized finance (DeFi) applications. Companies like SharpLink and BitMine Immersion can, which gives them more ways to earn and grow.
BitMine Immersion has openly stated its goal to acquire up to 5% of all circulating ETH. The bank believes this shows these types of investment vehicles could eventually control as much as 10% of the entire Ethereum supply. Kendrick views the recent dip in ETH’s price as a “great entry point” for investors looking to jump in. He expects Ethereum to hit $7,500 by the end of 2025. By 2028, he forecasts it could reach an impressive $25,000.
Other Bullish Calls from the Bank
Kendrick’s positive outlook isn’t just for Ethereum. He’s been quite bullish on Bitcoin and other major cryptocurrencies too. Just last month, he raised his Bitcoin forecast to $135,000 by September 30. He also projected Bitcoin would reach $200,000 by the end of 2025 and an astonishing half a million dollars by 2028.
Looking at other tokens, he sees Binance Coin (BNB) reaching $2,775 by 2028. Avalanche (AVAX) could hit $250 by 2029, and XRP might touch $12.50 by 2028, if market conditions are right. He also predicts stablecoins will keep growing fast, expecting their total market value to hit $2 trillion by the end of 2028. This would add a huge amount of liquidity to the global crypto system.
Sources: The Block