Vitalik: ETH in corporate treasuries is a good thing, but excessive leverage can have devastating consequences. @Vitalik Buterin stated in an interview with @ BanklessHQ that coordinating Ethereum (ETH) as a corporate treasury asset is itself a valuable social practice. At the same time, providing multiple channels for people to access ETH is also important. This may be why some people prefer to buy into treasury companies that hold ETH instead of directly hoarding ETH. Providing people with more choices is a good thing. Different people have vastly different financial situations, and they will make various requirements, incentives, or restrictions on the form of participation. Therefore, many valuable services are indeed provided here. If you wake me up three years later and tell me that the treasury mechanism caused the collapse of ETH, my first reaction would be that they have been turned into an over leveraged game. At a certain moment, a 30% drop triggers a strong consolidation, which in turn triggers a 50%, 70%, or even 90% drop, compounded by a collapse of trust. However, I believe that the Ethereum community, including those involved in finance, is mostly responsible. They are not the kind of people like Do Kwon. So as long as the leverage does not get out of control and does not fall into that vicious cycle, I think ETH derivatives themselves are a stable and reasonable existence. For them, it's a good thing.