In the turbulent cryptocurrency market of 2025, Ethereum co-founder Vitalik Buterin expressed support for the concept of an "Ethereum Reserve Company" during an interview on the Bankless podcast, while also issuing a clear risk warning. He pointed out that publicly traded companies can provide more opportunities for investors with different financial situations to access the token by purchasing and holding Ethereum. These companies choose to invest in reserve companies rather than directly holding ETH, further broadening the pathways for market participation. However, Buterin emphasized that the future of Ethereum should not come at the cost of excessive leverage. He is concerned that if a price drop triggers a chain reaction of forced liquidations, it could lead to further price crashes and damage the credibility of the entire ecosystem. Nevertheless, he believes that Ethereum investors possess enough self-discipline to avoid such systemic collapses.

Balancing Support and Warnings

Buterin publicly supported the concept of the "Ethereum Reserve Company" for the first time in the interview. He explained that these companies allow publicly traded firms to include Ethereum in their asset reserves, thereby enabling more investors to indirectly access ETH rather than being limited to direct holdings. This model is similar to MicroStrategy in the Bitcoin space, which has driven institutional adoption through significant BTC purchases. Buterin believes this can provide diverse options for individuals with varying financial situations, promoting the decentralization and inclusivity of Ethereum.

However, Buterin's optimism is not unconditional. He specifically warned about the risks of excessive leverage: if market prices fall, these leveraged reserve companies may face forced liquidations, triggering a chain reaction that further depresses prices and damages Ethereum's credibility. This concern stems from historical lessons in the DeFi space, such as the Terra collapse in 2022 and the leveraged liquidation events in the first half of 2025. Buterin stressed that the Ethereum ecosystem must not repeat past mistakes, and investors need to maintain self-discipline to avoid turning the reserve trend into an "excessive leverage game."

This balanced perspective is not sudden. Buterin has consistently emphasized sustainability, as seen in the introduction of EIP-7702 and EIP-7251 in the Pectra upgrade, which enhance staking efficiency and user experience. The rise of reserve companies coincides with a net inflow of $7.33 billion into Ethereum ETFs. As of the time of writing, the total net asset value of Ethereum spot ETFs is $21.804 billion, with an ETF net asset ratio (market cap relative to Ethereum's total market cap) reaching 4.66%, and historical cumulative net inflows have reached $9.355 billion. This indicates that Buterin's support aims to guide the trend toward a healthy direction rather than unchecked expansion.

Growing Institutional Interest and Risk Concerns

Buterin's interview quickly sparked heated discussions in the market. On the X platform, several users and KOLs pointed out that this support could accelerate corporate adoption of ETH, as Nasdaq-listed company Cosmos Health announced that at least 72.5% of its fundraising would be used to build an Ethereum reserve, further reinforcing Buterin's viewpoint. Optimists in the community believe this could alleviate Ethereum's centralization risks, drive long-term price appreciation, and push towards the $4,000 mark. However, cautious voices emphasize that leverage risks cannot be ignored, and the historical warnings of DeFi collapses must be remembered.

Ecosystem Expansion and System Vulnerabilities

Buterin's support may catalyze more corporate actions. Similar to the model of Bitcoin treasury companies, Ethereum reserve companies can attract traditional investors and promote sovereign adoption narratives, such as Indonesia considering ETH reserves. In the long run, this could help ETH transition from a speculative asset to a store of value, combined with the smart wallet and staking optimizations from the Pectra upgrade, enhancing ecosystem efficiency. The market predicts that an additional $140 billion influx could drive up ETH prices, but caution is needed regarding the vulnerabilities of high-beta assets.

Self-Discipline and Diversification

Buterin believes in investor self-discipline, which injects confidence into the market. The Fear and Greed Index has risen to 74, suggesting monitoring the $3,740 support level; if it fails, the short-term trend may weaken. Accumulate using RSI oversold signals, but set stop-loss orders. Diversify within the Ethereum ecosystem to avoid excessive leverage.

This article is for informational sharing only and does not constitute investment advice for anyone.

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