In recent months, listed companies have increased their assets in Ethereum as part of the diversification of their cash flow, in the growing adoption of digital assets. Geoffrey Kendrick, head of digital asset research at Standard Charterd, says that companies holding Ethereum are now more attractive investments than Ethereum Stock Exchange Funds listed in the United States.
In short
- Ethereum cash companies are considered to be stronger investments than the ETH ETH in the United States, says Kendrick de Standard Chartred.
- The multiple of the net inventory value (VNI) for these companies stabilize above 1, showing valuations close to the real ETH that they hold.
- Ethereum cash companies now hold about 1.6 % of all ETH in circulation.
From Bitcoin to Ethereum: a change in cash strategy
Bitcoin has long served as a privileged option for companies wishing to integrate cryptocurrencies into their cash plans. However, Ethereum is now attracting increasing attention. Companies like Sharplink Gaming and Bitmine Immersion Technologies are among those which regularly increase their assets in Ethereum, making this asset a key element of their business reserve strategy.
According to Kendrick, the current market is starting to reflect a more measured vision of these companies holding Ethereum. This phenomenon is observed in the evolution of the multiple of the net value of inventory (VNI), which measures the gap between the market value of a company and its ETH reserves.
These multiple VNIs begin to normalize, stabilizing in a more coherent range above 1. This suggests that investors valued these companies at levels closely linked to the value of the Ethereum they hold.
Why companies backed in Ethereum have an advantage over ETF
Kendrick believes that The multiple VNIs will not fall below 1.0because these companies offer investors opportunities to benefit from regulatory differences. He said:
I do not see any reason for the multiple of VNI to descend below 1.0 because I consider that these companies offer regulatory arbitration opportunities for investors
Geoffrey Kendrick, World Manager for Digital Assets Research at Standard Charterd
Now that the multiple VNIs stabilize, what advantages have companies holding Ethereum offer?
- ETH cash companies offer direct exhibition to the assessment of the Ethereum price via their assets.
- Locked on the stock market companies can bet ETH and win a return, unlike ETFs that simply hold the assets passively.
- As the value of ETH increases, the ETH ratio per share also improves, which can increase the long -term value of the action.
- On the other hand, the ETH ETH in the American cash is prohibited from Stuking or Defi, limiting gains only to fluctuations in the price of ETH.
Position on the market and accumulation trends
The decision to allocate from Ethereum to the balance sheet has, in many cases, positively influenced the performance of actions. Following these movements, several companies have experienced strong increases in their market value due to the increased interest of investors. More recently, however, these multiple high VNIs began to fade, bringing business valuations back to more realistic financial standards.
Kendrick cited Sharplink Gaming as an example. The company previously negotiated to a multiple VNI of around 2.5, but this figure gradually approached 1.0. Its market capitalization is now just above the value of the ETH it holds.
Since June, Ethereum cash companies have accumulated almost as much ethn as all ETHEREUM ETHEREUM in the United States gathered. Their collective assets now represent around 1.6 % of the total supply of Ethereum – a significant part which underlines the growing importance of these companies in the Ethereum ecosystem.
Kendrick plans that this tendency to accumulation will gain momentum, especially as institutional attitudes towards digital assets are evolving. With the ETH offering a yield component via stuking and a wider involvement in the network, it is positioned as a more functional and productive asset than traditional alternatives such as gold or cash reserves.
Bitmine Immersion Technologies is now the main Treasury Ethereum holder among public companies, with 833,137 ETH estimated at 2.95 billion dollars. Sharplink also continued its aggressive accumulation, buying 83,561 ETH last week at an average price of $ 3,634, a value of $ 264.5 million. His total assets have now reached 521,939 ETH.
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