EF Treasury Policy just announced. 1⃣ETH sales guided by 2.5yr runway, not market timing 2⃣Target reduced spending (from 15% → 5% opex) over 5yrs 3⃣ETH-heavy, long ETH bias: staking, DeFi yield, RWAs 4⃣Cypherpunk-aligned: privacy, permissionless, open-source Bullish