Ethereum (CRYPTO: ETH) treasury companies are rapidly emerging as a compelling alternative to U.S.-listed spot Ethereum ETFs, according to a Wednesday update from Geoffrey Kendrick, Head of FX and Digital Assets Research at Standard Chartered.

What Happened: New data from the bank indicates that Ethereum buying by publicly listed treasury firms has now equaled that of spot ETFs since June 1, with both groups having acquired approximately 1.6% of the total ETH in circulation.

This figure underscores the growing influence of treasury firms like Sharplink (NASDAQ:SBET), whose Ethereum holdings and share dynamics are increasingly attracting institutional interest.

“Buying by the Treasury companies has now matched that of ETFs,” Kendrick noted in a client update.

He highlighted Sharplink as a benchmark, noting its net asset value (NAV) multiple has now "eased back to just above 1," after a period of overvaluation.

The NAV multiple, calculated as market cap divided by the ETH value held, is considered a proxy for investor sentiment and price premium.

Kendrick argued that these NAV levels suggest treasury companies are now fairly priced, if not undervalued, especially when considering the additional benefits they offer over ETFs, such as staking rewards, increasing ETH-per-share metrics, and regulatory arbitrage for certain investors.

“There is no reason for the NAV multiple to go below 1.0,” Kendrick said, reinforcing his view that these companies are attractive buys for those seeking both ETH exposure and upside from staking yield or ETH accumulation strategies.

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Why It Matters: Sharplink’s upcoming Q2 earnings report, due Aug. 15, may offer further insight into this new asset class.

The company is among the most visible publicly listed ETH treasuries and has been increasing its concentration in Ethereum over the past quarter.

The rise of Ethereum treasury firms follows a broader trend where public companies allocate digital assets like Bitcoin (CRYPTO: BTC) and ETH to their corporate reserves.

While Bitcoin treasury strategies led by firms like Strategy (NASDAQ:MSTR) dominate headlines, ETH treasury adoption is catching up quickly.

Satsuma Technology (LON: SATS), BitMine (NYSE:BMNR), and other firms have been expanding ETH holdings aggressively in 2025.

In parallel, ETFs such as Grayscale‘s (NYSE:ETHE) and the newly launched U.S. spot ETH funds have also absorbed substantial inflows.

But the growing parity in net buying volumes between the two vehicle types signals a shift in investor strategy, especially among those looking for more dynamic exposure than a passive ETF provides.

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