Just sat through the most bullish Ethereum panel of the year - The Rise of Digital Asset Treasuries
Hosted by @PanteraCapital with CEOs of the three largest ETH treasuries:
→ Tom Lee, CIO and Portfolio Manager / Chairman @fundstrat / Bitmine
→ Joseph Lubin, CEO @Consensys
→ Sam Tabar, CEO @BitDigital_BTBT
Here are the 7 key takeaways that changed how I think about ETH ↓
1/ The legal fog has lifted
For years, Ethereum’s growth was held back because regulators wouldn’t clearly classify it. Developers hesitated, companies stayed quiet, and big money didn’t move in.
Now ETH is officially treated as a commodity. That uncertainty is gone. The door is wide open for builders and institutions.
2/ Ethereum gives treasuries more tools than Bitcoin
Bitcoin treasuries can only buy and hold. Ethereum treasuries can also stake for yield, use smart contracts, build on Layer 2s, and take part in DeFi.
If ETH and BTC had started on the same day, Ethereum might have been the dominant treasury asset from the beginning.
3/ The numbers behind the bullishness
ETH treasuries may trade at a premium to their net asset value. Why?
• 1× for ETH holdings
• +0.6× for staking yield
• +0.4× for index inclusion (like MicroStrategy)
MSTR trades at 1.6× with no yield. ETH treasuries have more structural upside.
4/ Three approaches, one goal
• Bit Digital → uses unsecured debt + ties to AI infra
• Bitmine → massive balance sheet, $2.5B daily liquidity
• Sharplink → deep infra + MetaMask’s 100M users
Different paths, same aim: accumulate ETH and build on it.
5/ New kinds of financing are emerging
Sam Tabar announced the first unsecured convertible debt for an ETH treasury. This matters because unsecured debt lets you survive downturns without forced liquidations, something secured debt can’t do.
They’re bringing sophisticated financing into crypto.
6/ Institutions haven’t entered yet
Less than 0.1% of institutions own ETH today. But the pieces are lining up:
• Hundreds of thousands of holders in some DATs
• Bitmine is already one of the most traded US stocks
• Top 10 holding in ARK Invest
Index inclusion alone could drive huge passive flows.
7/ This is about building, not trading
Their model is simple:
1. Accumulate ETH
2. Use it to earn yield
3. Reinvest in infrastructure and builders
They’re not speculating on short-term price moves. They’re building the financial backbone of the Ethereum economy.
Final:
“The biggest risk isn’t volatility or regulation. The biggest risk is not participating in the Ethereum economy.”
Wall Street and AI are moving onto Ethereum. ETH treasuries may be the most leveraged way to get exposure to that shift.
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