Digital asset treasuries are going through a balancing act.

Bitcoin is too crowded, Solana is still finding its footing, but Ethereum, according to Standard Chartered analysts, is just right.

A new report from the bank argues that Ethereum treasuries are better positioned than their Bitcoin and Solana counterparts to weather the recent collapse in market premiums, known as mNAVs.

While Bitcoin treasuries suffer from “too many imitators” and Solana faces regulatory headwinds, Ethereum’s staking yield, scale, and pre-approved buying strategies make it a standout in a sector now entering what analysts call a “player-versus-player” battle for survival.

“We think such flows are more likely to continue for Ethereum DATs than their Bitcoin or Solana counterparts” Standard Chartered researchers wrote, referring to digital asset treasuries — listed firms that hold crypto on their balance sheets. “We see them as being a more positive driver for Ethereum.”

Eleven publicly-traded Ethereum treasuries, led by players like BitMine and SharpLink, now hold nearly 3% of all Ether in circulation worth around $15.5 billion.

And while trading volumes have collapsed since mid-August, analysts like Bitwise’s Max Shannon say a “winners take most” consolidation is underway. In practice, that means a handful of large players are soaking up flows as smaller firms struggle to stay relevant.

Imitator bloat

That’s compared to the nearly 200 publicly traded companies now racing to stack Bitcoin, according to BitcoinTreasuries.

Together they hold more than 1 million Bitcoin worth around $116 billion — nearly 5% of the maximum supply.

The strategy was pioneered in 2020 by Michael Saylor’s firm, Strategy, which issued low- or zero-interest debt and fresh stock offerings to buy more Bitcoin.

At the peak of the frenzy, Strategy traded at more than three times the value of its Bitcoin holdings. Today that premium has sunk to just 1.3x.

Japan’s Metaplanet and scores of others soon copied the playbook, crowding into a trade Standard Chartered now says is bloated with “too many imitators.”

Late and hindered

Solana treasuries are a fraction of the size of their Bitcoin and Ethereum peers.

Just eight publicly traded firms hold a combined 6.5 million Solana, worth about $1.5 billion, according to data from tracker CoinGecko.

And it may prove tricky for those firms to expand their holdings at the same rate that Bitcoin and Ethereum treasuries are.

Standard Chartered flagged that Nasdaq could soon require listed companies to obtain shareholder approval before making new crypto purchases, a step that risks slowing smaller or newer treasuries such as those holding Solana.

Ethereum treasuries, by contrast, already have pre-approved buying strategies in place, giving them a smoother path to keep accumulating.

Both Ethereum and Solana stand to benefit from the SEC’s favourable shift on staking regulations, which opens the door to yield-generating products that Bitcoin can’t match.