Bitwise executive: Treasury company solves Ethereum narrative dilemma

On July 31st, according to Cointelegraph, Matt Hougan, Chief Investment Officer of Bitwise, stated that Ethereum treasury companies and holding companies have solved Ethereum's "narrative dilemma" by packaging this digital asset in a way that is easier for traditional investors to understand, thereby attracting more capital and accelerating its adoption. Hougan pointed out in an interview that Ethereum has been struggling to clarify its return model for traditional financial investors until its native token Ether (ETH) was packaged into a structure similar to a "stock shell". He explained, 'In the past few years, ETH has been facing a problem from a valuation perspective, which is that Wall Street cannot find a clear answer to why it is valuable.'. Is it a means of storing value? Is the scarcity caused by the destruction mechanism? Is it a source of income? Or the proceeds from pledging? No one can explain it clearly. But if you put $1 billion in ETH into a company and use it as collateral, it will immediately start generating profits. And investors are very familiar with companies that can generate returns