Ethereum treasuryに特化した企業は、ETFの圧力が高まる中、ステーキングに依存する：レポート

ORIGINALEthereum treasury firms lean on staking as ETF pressure builds: Report

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ETH treasury company data compiled by Everstake. Source: Everstake “DATs that rely on passive exposure are being structurally repriced,” Everstake co-founder Bohdan Opryshko said in the report. He added that deployment is “no longer limited to standard protocol staking” and now includes liquid staking, DeFi lending and validator-level strategies. Opryshko told Cointelegraph the study does not argue that staking revenue alone can support every ETH treasury model or offset all risks. ETH price volatility, dilution, net asset value discounts, financing costs and operating expenses can still outweigh staking yield, particularly for companies with weak capital structures or inefficient treasury management, he said. He said the report’s point is narrower: "Passive ETH accumulation is becoming harder to justify as a standalone public-market strategy, particularly after spot crypto ETFs gave investors cleaner access to passive exposure." In that environment, staking and other forms of active asset deployment may become “necessary, though not sufficient,” for ETH treasury companies to sustain their models, he added. Ignacio Aguirre, the chief marketing officer at crypto exchange Bitget, said spot ETFs have made it harder for ETH treasury companies to justify a premium based on ETH exposure alone. However, he cautioned against attributing the repricing entirely to ETFs. “I would not over-attribute it to spot ETFs alone,” Aguirre told Cointelegraph. He said ETH treasury companies are still equity vehicles, meaning investors also weigh ETH price performance, balance sheet quality, dilution risk, treasury strategy, execution and broader market sentiment. Related: Bitmine’s Tom Lee hints at stock tailwinds after firm considered for Russell 3000 Aguirre said staking can improve the ETH treasury model by creating a recurring revenue stream, though its impact depends on whether the yield is large enough to offset operating costs, dilution and volatility. He added that staking-enabled ETH ETFs could become a future pressure point for treasury companies, but described them as “more complementary than existential threats.” Magazine: ETH bears growling, Tom Lee’s buying, XRP to ‘explode’: Market Moves More on the subject

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