Standard Chartered Bank: Ethereum fund management companies are currently "highly worthy of investment" and are superior to US spot ETH ETFs

Geoffrey Kendrick, Standard Chartered Bank's global head of digital asset research, said Ethereum fund managers are currently "extremely investable" and are better buys than US spot ETFs. Kendrick said that the net asset value (NAV) multiples of Ethereum fund managers (i.e., market capitalization divided by the value of ETH held) are now "beginning to normalize" and are expected to remain above 1, making them better buys than US spot ETH ETFs. He added that with the normalization of NAV multiples, ETH fund managers are better able to take advantage of ETH price increases, staking rewards, and growth in ETH per share - unlike US spot ETH ETFs, which currently cannot stake or participate in DeFi.