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