Bernstein: Ethereum Treasury Aims at Yield, but Risks Hidden

According to CoinDesk, Wall Street broker Bernstein reported on Monday that multiple companies are building vaults around Ethereum, using pledged assets to generate operating income and support the foundation of online finance. Unlike Bitcoin treasury (such as Strategy) which tends towards liquidity and passive holding, Ethereum treasury focuses on staking returns, with a current yield slightly below 3% and a historical fluctuation range of 3% -5%. Bernstein estimates that the annual revenue of an Ethereum treasury with a scale of 1 billion US dollars can reach 30-50 million US dollars. However, returns come with complexity. The Ethereum staking model requires holders to actively deploy capital and strengthen risk supervision, and the cancellation of staking takes several days, resulting in liquidity restrictions and market volatility mismatch risks. Advanced strategies such as re pledging or DeFi profit cultivation will also amplify smart contracts and security risks, and treasury managers need to balance profits and risks. Given that nearly 30% of Ethereum has been pledged and another 10% is locked in DeFi, coupled with continuous inflows of ETF funds, it is expected that demand will be strong in the near to medium term, while supply will remain relatively stable. Analysts are optimistic about Ethereum and its ability to support treasury scale capital strategies, provided that liquidity and risk are properly managed.