Valuation metrics of ETH treasury companies, such as mNAV multiples, are normalizing and are now below those of MicroStrategy, partly because these companies earn a 3% staking yield, which supports higher valuation multiples.

The recent announcement from Sharplink to repurchase stock if the NAV multiple falls below 1.0 provides a valuation floor for ETH treasury companies, enhancing their attractiveness.

Kendrick predicts that Ethereum treasury holdings will reach 10% of all circulating ETH, a target he believes is on track, and considers ETH a cheap asset at current levels.

He argues that ETH treasury companies are more advantageous than Bitcoin treasuries because they benefit from staking rewards and DeFi leverage, which U.S. Ethereum ETFs cannot currently access.

Despite recent dips below $4,500, Kendrick maintains his forecast that ETH will reach $7,500 by the end of 2025, viewing the recent price dip as a buying opportunity.

These inflows contributed to ETH reaching a new all-time high of $4,955 on August 24, 2025, and Kendrick believes that purchases will continue, aiming for 10% of all ETH in circulation.

Since June, treasury companies and ETFs have purchased 4.9% of circulating ETH, fueling Ethereum's surge to an all-time high of $4,953 on Sunday.

Standard Chartered's Geoff Kendrick highlights that Ethereum (ETH) and ETH treasury companies are currently undervalued, with recent large-scale purchases by treasury firms and ETFs totaling 4.9% of circulating supply since June.

Despite outflows from Bitcoin ETFs, Ethereum funds experienced significant inflows, adding over $628 million across Thursday and Friday, indicating strong investor interest.

Year-to-date, ETH has outperformed Bitcoin with a 32.6% gain compared to Bitcoin's 17.3%, reinforcing its growing appeal among investors.

Ethereum ETFs attracted $444 million in inflows on Monday alone, more than double the $219 million received by Bitcoin ETFs, reflecting Ethereum's stronger performance this year.

Ethereum's current trading price is approximately 10.9% below its recent all-time high, suggesting a potential buying opportunity.