Standard Chartered said Ethereum (ETH) and the companies holding it in their treasuries remain undervalued, even as the second-largest crypto surged to a record $4,955 on Aug. 25.

Geoffrey Kendrick, the bank’s head of crypto research, said treasury firms and exchange-traded funds have absorbed nearly 5% of all Ethereum in circulation since June. Treasury companies bought 2.6%, while ETFs added 2.3%.

Combined, that 4.9% stake represents one of the fastest accumulation streaks in crypto history, surpassing the speed at which Bitcoin (BTC) treasuries and ETFs acquired 2% of supply in late 2024.

Building toward 10%

Kendrick said the recent buying spree marks the early phase of a broader accumulation cycle. In a July note, he projected that treasury firms could eventually control 10% of all ether outstanding.

Kendrick argued that with companies such as BitMINE publicly targeting 5% ownership, the goal appears attainable. He noted that this would leave another 7.4% of supply still in play, creating strong tailwinds for Ethereum’s price.

The sharp pace of accumulation emphasizes the growing role of institutional structures in crypto markets. Kendrick said the alignment of ETF flows with treasury purchases highlights a feedback loop that could tighten supply further and support higher prices.

Kendrick revised the lender’s previous forecasts and said Ethereum could climb to $7,500 by year-end. He also called the latest pullback a “great entry point” for investors positioning ahead of further inflows.

Valuation gaps

While buying pressure has lifted prices, valuations of ether-holding firms have moved in the opposite direction.

Net asset value (NAV) multiples for SharpLink and BitMINE, the two most established ETH treasury companies, have dropped below those of Strategy, the largest Bitcoin treasury firm.

Kendrick said the discount is unjustified given that ETH treasuries can capture a 3% staking return, while Strategy generates no such income on its Bitcoin stash.

He also pointed to SBET’s recent plan to repurchase shares if its NAV multiple falls below 1.0, saying that creates a hard floor for valuations.

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Pharmaceutical giants Pfizer (PFE -0.45%) and Novo Nordisk (NVO -1.50%) have lagged the market over the past year, although Pfizer’s poor performance dates back much further. Though these companies have encountered challenges, there are good reasons to be bullish on their long-term prospects.

Pfizer could become an even bigger player in the oncology market (the largest therapeutic area in the industry by sales) over the next decade, while Novo Nordisk will be a major player in diabetes and the fast-growing weight management space. Both could produce excellent results along the way. Here’s the rundown.

Image source: Getty Images.

1. Pfizer

Pfizer’s financial results haven’t been great in recent years. To make matters worse, the company will face important patent cliffs by the end of the decade. One of them will be for Eliquis, an anticoagulant that is still one of its best-selling medicines. However, Pfizer has prepared for that eventuality.

The company made several acquisitions and licensing deals that significantly boosted its pipeline, especially in oncology. Pfizer spent $43 billion to acquire Seagen, a smaller cancer specialist whose lineup and pipeline were impressive for a company of its size. With the financial and strategic backing of the larger company, it should yield even more key approvals in the field in the coming years.

Pfizer also recently made an up-front payment of $1.25 billion to China-based 3SBio for the rights to SSGJ-707, an investigational bispecific antibody, a portion of the oncology market that’s gaining traction these days. 3SBio will be eligible for commercial and regulatory milestone payments of up to $4.8 billion, not including royalties.

These moves should eventually pay off for Pfizer and strengthen its position in oncology. The drugmaker plans to have eight blockbuster cancer medicines on the market by 2030, up from its current five, while doubling its reach from the current 1 million patients it serves. Of course, Pfizer isn’t just a cancer play. The company’s extensive pipeline should enable it to launch products in other areas and ultimately get back on track.

While its shares have been lagging the market significantly, that could change in the next decade as financial results rebound thanks to its innovative efforts. Pfizer’s shares look especially attractive when considering its valuation. Its forward price-to-earnings (P/E) ratio is 8.7, much lower than the healthcare sector’s 15.8. From their current levels, Pfizer’s shares could go on to generate excellent returns through 2035.

2. Novo Nordisk

Novo Nordisk pioneered the market for weight management medicines. However, Eli Lilly seems to have taken the lead in that field, at least for now. Novo Nordisk has faced some clinical setbacks, leading to a poor performance over the trailing-12-month period. Can the company rebound and perform well in the next decade? In my view, it can, and the market may be significantly undervaluing its potential.

Its sales of Wegovy, one of the top-selling anti-obesity medications, continue to grow rapidly. Novo Nordisk recently requested approval from the U.S. Food and Drug Administration for oral semaglutide (the active ingredient in Wegovy). That’s good for patients who want a non-injected option, and helps counter Lilly’s up-and-coming oral GLP-1 medicine, orforglipron.

Elsewhere, Novo Nordisk recently started phase 3 studies for amycretin, a next-gen weight loss candidate. Amycretin is being investigated in both oral and subcutaneous formulations, and both are currently in late-stage clinical trials.

The company also enhanced its pipeline through licensing deals, including one with United Biotechnology, a subsidiary of the China-based company United Laboratories International Holdings, for UBT251. This potential anti-obesity medicine mimics the actions of three gut hormones: GLP-1, GIP, and glucagon. The transaction cost Novo Nordisk an up-front payment of $200 million and up to $1.8 billion in milestone payments.

Thanks to all these developments, Novo Nordisk should remain a leader in weight management in the next decade. Even though competition is mounting, no drugmaker not named Eli Lilly has a lineup or a pipeline as deep as Novo Nordisk’s. Furthermore, the Denmark-based pharmaceutical leader will also continue to dominate the diabetes market, as it has done for decades.

Novo Nordisk generates consistent revenue and earnings that typically grow faster than those of similarly-sized peers. Yet the stock’s forward P/E is 16.7, which is slightly above the industry average. In my view, that’s a bargain for a company that generates better-than-average results and has a deep pipeline in a fast-growing area — not to mention two of the world’s top 20 best-selling drugs, in Wegovy and Ozempic.

For investors willing to stay the course, Novo Nordisk’s future still looks incredibly bright.

Tech investors love to pay for potential. GameFi tokens, with sky-high valuations divorced from current user numbers or revenues, embody this optimism perfectly — as CoinDesk investigated in 2022, Decentraland’s then billion-dollar market cap didn’t quite match the number of active players on the platform.

But, surprisingly, distributed compute tokens don’t seem to enjoy the same speculative premium even when compared to their Traditional Finance traded peers like CoreWeave (CRWV).

CoinMarketCap says the category of tokens for decentralized networks that provide GPU power for AI and other compute workloads, which includes well-known tokens like BitTensor, Aethir, and Render, is worth $12 billion.

At the same time, market data from research group MarketsandMarkets puts the value of the GPU as a service industry at around $8 billion this year, growing to $26 billion in 2030.

In contrast, CRWV closed Monday in New York at $163, putting its market cap at $79.2 billion. The company’s recent earnings forecast up to $5.1 billion in 2025 revenue, suggesting it trades at more than 15 times forward sales.

That kind of multiple might be justified in a high-growth environment, but CoreWeave also posted a $314.6 million net loss in the first quarter, driven in part by stock-based compensation and continued infrastructure buildout.

Despite this, investors continue to reward CoreWeave for its dominant position in centralized AI infrastructure with its stock up 300% year-to-date. The company is tightly integrated with Nvidia and has high visibility through contracts with OpenAI and other enterprise clients.

Meanwhile, decentralized compute networks are delivering similar services— AI inference, rendering, and compute power — without needing to raise billions in debt or equity as they act as a broker connecting existing GPUs to users, saving the capital expenditure of buying their own server farms.

These are not theoretical networks. They are functional systems already processing real workloads, and the brokerage model works for customers.

Yet their collective market value remains a fraction of CoreWeave’s. Certainly, they don’t have the same level of workload running through their networks, but the gap is striking. While the market treats GameFi with irrational exuberance, distributed compute tokens may be suffering from the opposite problem.

Despite addressing the same market need as CoreWeave, and in some ways offering a more capital-efficient and globally scalable model without the eye-watering CapEx, they remain modestly valued.

Justin Sun-Backed SRM Entertainment Announces $100 Million TRX Staking Move

SRM Entertainment (Nasdaq: SRM), soon to rebrand as TRON Inc., has staked its entire treasury of 365 million TRX tokens through JustLend, a move that could yield an annual return of up to 10%, according to a release.

The move comes on the heels of a $100 million investment round closed earlier this month to fund what the company calls a “TRON treasury strategy,” essentially, a public market vehicle modeled on bitcoin-holding firms like MicroStrategy, but for TRX.

That structure provides equity investors with indirect exposure to a network that plays a dominant role in USDT stablecoin settlement, particularly in the Global South, where TRON-based Tether serves as a dollar lifeline – arguably a ‘Visa IPO’ moment for the region’s economy.

Sogni AI Debuts Mainnet, SOGNI Token to List on Kraken, MEXC, Gate.io

Sogni AI, a decentralized platform for generative AI workflows, has launched its mainnet and will list its native token, SOGNI, on Kraken, MEXC, and Gate.io.

SOGNI is the utility token of the Sogni Supernet. It is used for compute payments, staking, governance, and access to advanced application features.

The mainnet launch includes deployments on Base, an Ethereum Layer-2 developed by Coinbase, and Etherlink, a Tezos-based EVM-compatible Layer-2 using Smart Rollups. In a release, the platform said this chain-agnostic approach is designed to balance scalability and accessibility.

The project’s stated goal is to create an open and economically sustainable environment for creative AI applications, combining Web3 infrastructure with user tools that resemble Web2 services in usability.

The platform also uses a non-transferable credit system called Spark Points, which are fixed-value rendering credits that can be purchased or earned within the Sogni ecosystem.

Users interact with the network through three core applications: Sogni Web, Sogni Pocket, and Sogni Studio. Creators submit generative AI jobs, while node operators, or “Workers,” provide GPU resources and are compensated in SOGNI tokens.

Market Movements:

• BTC: Bitcoin is trading at $107,200, holding a strong support zone after a 14,695 BTC volume spike near $107K, with traders eyeing a potential breakout toward $115,000.
• ETH: Ethereum rebounded sharply from a 3.4% intraday drop, currently trading at $2,480, forming a V-shaped recovery off $2,438 support, as institutional inflows continue despite broader market uncertainty.
• Gold: Gold is trading at $3,310.95, rebounding from a one-month low as a weaker dollar and Fed pressure offset risk-on sentiment.
• Nikkei 225: Asia-Pacific markets traded mixed Tuesday as investors weighed Wall Street’s record highs against looming uncertainty from Trump’s expiring 90-day tariff reprieve, with Japan’s Nikkei 225 down 0.58%
• S&P 500: Stocks climbed Monday as the S&P 500 rose 0.52% to a record close of 6,204.95, capping a strong month.

Elsewhere in Crypto:

• Senator Seeks to Waive U.S. Taxes on Small-Scale Crypto Activity in Big Budget Bill (CoinDesk)
• Singapore to ‘Thread the Needle’ as Crypto Licensing Rules Take Effect (Decrypt)
• Popular Financial Advisor Ric Edelman Says Investors Should Allocate Up to 40% of Wealth to Crypto (CoinDesk)

Quant analyst PlanB is leaning bullish on Bitcoin (BTC) as the flagship crypto asset trades in a range below the all-time high reached late last month.

In a new strategy session, PlanB tells his 213,000 YouTube subscribers that Bitcoin is far away from reaching the peak of the current four-year cycle based on the stock-to-flow model.

The stock-to-flow model is a predictive tool that assumes the scarcity of a commodity drives the price.

“Bitcoin price [is] at $104,000, which is still far away from the stock-to-flow value of $500,000 based on fundamentals, scarcity fundamentals. That’s what I expect the average over this four-year cycle to be. So we’re still far away from that. But we’re also still only one year in the cycle, we have three years to go and so I think Bitcoin is very undervalued.”

According to Plan B, Bitcoin is at the “very beginning of a bull market” based on historical precedent.

“We made a fake loop in bull market territory after the January 2024 [spot Bitcoin exchange-traded funds] ETF introductions. And we’re now right back at where all the bull markets in the past have started. So it’s a very bullish signal if you ask me.”

The quant analyst says Bitcoin could skyrocket by up to approximately 860% over the course of the current cycle.

“[Bitcoin] is currently in a bull market, targeting… let’s say $250,000 to $1 million range for the average price in this cycle.”

Bitcoin is trading at $104,300 at time of writing.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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An on-chain indicator suggests that top smart contract protocol Ethereum (ETH) could currently be undervalued, according to a popular crypto analyst.

Trader Ali Martinez tells his 135,100 followers on the social media platform X that ETH’s Entity-Adjusted Dormancy Flow just dropped below one million, suggesting that Ethereum may be in the midst of carving a major cycle bottom.

“This historically indicates a macro bottom zone, meaning ETH might be undervalued and long-term holders are less inclined to sell. It also suggests:

• Sentiment is low
• Capitulation may have occurred
• Smart money might be accumulating”

Entity-Adjusted Dormancy Flow is used “to time market lows and assess whether the bull market remains in relatively normal conditions,” according to the crypto analytics firm Glassnode. The metric, which Glassnode says helps clarify whether an asset is in a bullish or bearish primary trend, measures the ratio of a coin’s market cap and its annualized dormancy value tracked in US dollars.

Martinez also notes that 453,000 Ethereum have been withdrawn from crypto exchanges in the past five days.

Large amounts of ETH flowing out from exchanges can serve as a bullish indicator as deep-pocketed investors accumulate the asset.

ETH is trading at $1,558 at time of writing, up over 2% in the last 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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