I am pretty sceptical about ETH being bought as a treasury reserve.
The total yield, taking into account Staking, has been very negative over the last years.
It would be hard to convince anyone of the long-term value proposition of ETH.
Bitcoin treasuries might be an ill idea for most of the companies, but ETH treasuries are for sure a silly idea.
Imagine holding ETH as a treasury reserve, only to face an emergency situation where there is need to rely on those funds, but unfortunately it's price plunge uncontrollably. The very asset meant to provide financial security now becomes a liability, exposing the country or company to massive shortfalls at the worst possible time.
The most silly part of ETH treasuries is that it drop 30–60% or even more in a week during market crash this alone can cause severe reduction in the allocated treasury, leaving any institution underfunded when they need stability the most.
I am becoming increasingly sceptical about the concept of a Bitcoin Reserve for companies (not countries).
Implementation details differ significantly, with some concerning signals among the latest newcomers.
I am going to analyse the different implementations across the various treasuries, trying to spot the red flags.