According to The Block, Geoffrey Kendrick, global head of digital asset research at Standard Chartered Bank, said that Ethereum will benefit more from the rise of Digital Asset Treasury (DAT) than BTC and Solana. Kendrick pointed out in a report released on Monday that the recent sharp decline in DAT's mNAV (ratio of corporate value to cryptocurrency holdings) will force divisions among companies and may drive consolidation, especially in Bitcoin Treasury. In contrast, Ethereum and Solana Treasury should receive higher mNAV because they can generate pledge proceeds, but Ethereum's position is more solid. According to statistics, DAT currently holds 4% of all BTC, 3.1% of ETH and 0.8% of SOL. Kendrick believes that the future success of DAT will be based on three factors: financing ability, size and yield. Among them, Ethereum Treasury Company has become more resilient due to its advantages in pledge income. BitMine Immersion, the largest ETH DAT company, has held more than 2 million ETH units.