Ethereum has an advantage in digital asset investment, while Bitcoin and Solana are affected.

According to Ha Shilian News, Geoffrey Kendrick, head of digital asset research at Standard Chartered Bank, pointed out that with the rise of Digital Asset Trust (DAT), Ethereum or Bitcoin, and Solana will gain more benefits. In the report, Kendrick noted that the recent decline in the market net asset value (mNAV) of DAT has forced companies to differentiate their development and may drive the consolidation of Bitcoin reserve companies. In contrast, Ethereum and Solana reserve companies may have a higher mNAV because they can generate staking returns, and Ethereum reserve companies are more mature, giving them a clearer advantage. Currently, DAT holds 4% of Bitcoin, 3.1% of Ethereum, and 0.8% of Solana, and its holdings significantly affect token prices. Kendrick believes that market saturation is the main reason for valuation compression, but DAT still possesses "selective investment value" as it provides a way for restricted areas to access digital assets. In the future, fundraising capabilities, company size, and staking returns will be key to the differentiation of DAT's performance. He added that if some DATs remain below asset value for a long time, it may trigger consolidation, strategic acquisitions, or be more cost-effective than directly buying coins. Overall, DAT will drive Ethereum to outperform Bitcoin and Solana.

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