Treasuries of digital assets came under renewed pressure after a sharp fall in their network values of the market, or MNAVs, which makes doubts about their ability to maintain continuous crypto purchases, according to Geoffrey Kendrick, head of digital assets research at Standard Chartered.
Stated companies that keep digital assets on their balance sheets, known as digital assets boxes, or DATS, the stock prices have fallen in recent weeks as investors re -assess the sustainability of their strategies.
Kendrick said that a mnav above 1 is essential for that to expand their participations, while values under that threshold signal weaker balance sheets and potential consolidation.
Differentiation between DATS
Kendrick said that the current recession can create opportunities for differentiation instead of signaling the end of the sector.
Factors such as access to cheap financing, economies of scale and yield from setting or Defi is expected to separate stronger players from weaker.
Ethereum-oriented dat are seen as the most sustainable, partly because the preparation of returns can immediately improve MNAVs. Bitmine strategist Tom Lee has estimated that postponing could only add 0.6 points to the MNAV of Ethereum-based DATS.
This dynamic positions Ethereum vehicles more favorably than those mainly bound to Bitcoin or Solana, who miss similar yield mechanics.
Implications for crypto markets
Together they have about 4% of Bitcoin, 3.1% of Ethereum and 0.8% of Solana in circulation, making their health an important engine of the crypto demand.
Kendrick said that consolidation is more likely with Bitcoin treasure boxes, which leads to moutrotation instead of buying net new. Ethereum Dats, on the other hand, are ready to keep hanging, so that a stronger tail wind is offered for ethher prizes in relation to rivals.
The most important players in the sector are Bitmine, Sharplink and The Ether Machine, all closely monitored by investors who follow the intersection of business balance and digital assets.
