#Treasury The leader of Bitwise, however, warns against certain risks associated with this cash model in ethers. He emphasizes that companies accumulating ETH as their primary business model should "manage their debt and interest expenses carefully" to avoid over-indebtedness and collapses.

Matt Hougan also advises companies that adopt ETH in small allocations as a hedge against inflation to have a long-term time horizon, as short-term volatility could indeed "crush" those with shorter timelines.

Although the risk of a catastrophic liquidation remains low, he specifies that companies must also face the basis risk, which is the risk of having assets and liabilities denominated in different currencies. Declines in the crypto market could affect a company's ability to cover its expenses.

Smart money and Wall Street would therefore finally have understood the financial interest of the second cryptocurrency in the market, and this is confirmed through companies developing an Ethereum Treasury or when looking at the volumes on ETH ETFs that could soon integrate on-chain staking revenues.