Standard Chartered says shares of Ethereum-focused treasury companies have become "very investable," arguing they now offer a stronger case for exposure to the second-largest digital asset than U.S. spot ETH exchange-traded funds. In a 6 August note, digital-assets head Geoffrey Kendrick highlighted that the firms’ net-asset-value multiples have recovered to just above 1, giving investors both price appreciation and staking-yield potential that ETFs cannot match. Kendrick estimates that since the start of June treasury companies and spot ETFs have each absorbed roughly 1.6 percent of all ETH in circulation, underscoring their growing influence on market flows. SharpLink Gaming alone has accumulated more than 480,000 ETH—about US$1.65 billion—after a US$160 million buying streak, while peer BitMine Immersion is approaching US$3 billion in holdings. Institutional appetite extends beyond treasuries. Holdings at the nine U.S. spot ETH ETFs have climbed to 5.7 million coins from 3.3 million in April, a 73 percent jump. Separately, BlackRock resumed purchases this week, adding roughly US$33 million in ETH and US$42 million in bitcoin after a brief pause, according to on-chain data trackers. Standard Chartered expects treasury companies to attract an even larger share of investor inflows if NAV premiums remain steady and staking rewards continue, potentially allowing the corporate buyers to eclipse ETFs in controlling the supply of ETH over the coming quarters.