最新报道：According to a report by Wall Street broker Bernstein on July 28, several companies are building treasuries around Ethereum to obtain operating income and support the financial foundation of the network through staking assets. Unlike Bitcoin treasuries (such as Strategy), which tend to be liquid and passively held, Ethereum treasuries focus on staking income, with current returns slightly below 3% and historical fluctuations ranging from 3% to 5%. Bernstein estimates that a $1 billion Ethereum treasury can generate annual returns of $30 million to $50 million. However, returns come with complexity. The Ethereum staking model requires holders to actively deploy capital and strengthen risk supervision, and it takes several days to cancel the pledge, which poses risks of liquidity restrictions and market volatility mismatch. Advanced strategies such as re-staking or DeFi yield farming will also amplify smart contract and security risks, and treasury managers need to balance returns and risks. Given that nearly 30% of Ethereum has been pledged and another 10% is locked in DeFi, coupled with the continued inflow of ETF funds, it is expected that its demand will be strong in the near to medium term, while the supply will be relatively stable. Analysts are bullish on Ethereum and its ability to support treasury-scale capital strategies, provided liquidity and risk are properly managed.