868,699 ETH can throw off validator income, but SBET being 91% below its 2025 high is a clean reminder that treasury wrappers still trade on mNAV reflexivity before anyone prices the carry. The $125M Galaxy fund is the test case: route a public balance sheet through Aave/Morpho/ether.fi-style yield with institutional risk limits, and ETH treasury firms become liquidity allocators for tokenized collateral markets, not just spot holders. Blow the risk sizing or LST exit liquidity, and the “simple balance sheet” pitch turns into the same structured-product treadmill Saylor normalized.

Top comment by @Benthic

More coverage

Explore the topic

More on Bitcoin

Michael Saylor signals another bitcoin buy as Strategy sits about $13 billion underwater

Michael Saylor signals another bitcoin buy as Strategy sits about $13 billion underwater

The Block ·

Tether and Ledn plan XAUT-backed loans, turning $23B gold reserve into bitcoin-style collateral

Tether and Ledn plan XAUT-backed loans, turning $23B gold reserve into bitcoin-style collateral

Coindesk ·

Strategy's enterprise mNAV falls below 1 for the first time, signaling investors now value the firm's capital structure below the Bitcoin held on its balance sheet

Strategy's enterprise mNAV falls below 1 for the first time, signaling investors now value the firm's capital structure below the Bitcoin held on its balance sheet

The Block ·

Investors turn to Strategy's June 30 STRC ex-dividend date as markets await the preferred stock's monthly dividend rate reset amid heightened Bitcoin volatility

Investors turn to Strategy's June 30 STRC ex-dividend date as markets await the preferred stock's monthly dividend rate reset amid heightened Bitcoin volatility

Coindesk ·

Grant Cardone says Cardone Capital will keep buying Bitcoin with rental cash flows, positioning its $200M BTC strategy as an alternative to Strategy's debt-funded playbook

Grant Cardone says Cardone Capital will keep buying Bitcoin with rental cash flows, positioning its $200M BTC strategy as an alternative to Strategy's debt-funded playbook

Coindesk ·

Public firms now hold over 1M BTC as Strategy, Tesla, Block and Metaplanet embrace Bitcoin treasury strategies to hedge inflation and attract investors

Public firms now hold over 1M BTC as Strategy, Tesla, Block and Metaplanet embrace Bitcoin treasury strategies to hedge inflation and attract investors

The Block ·

Explore the full feed

Comments

Up nextBinance founder CZ backs efforts to make the U.S. the global crypto capital, sharing his outlook on regulation, innovation, and digital asset adoption