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Vitalik: Having ETH in the corporate treasury is a good thing, but excessive leverage can lead to devastating consequences.
In an interview with Bankless, Vitalik stated: coordinating Ethereum (ETH) as a treasury asset for enterprises is itself a valuable social practice.
At the same time, it is important to provide multiple channels for people to access ETH. This may be why some people prefer to invest in treasury companies that hold ETH rather than directly hoarding ETH. Giving people more choices is a good thing. Different individuals have vastly different financial situations, and they will have various demands, incentives, or restrictions regarding the forms of participation. Therefore, there are indeed many valuable services provided in this context.
If you wake me up in three years and tell me that the treasury mechanism caused the collapse of ETH, my first reaction would be: they have turned into an excessively leveraged game. At some point, a 30% drop triggers a forced liquidation, leading to drops of 50%, 70%, or even 90%, compounded by a collapse of trust. However, I believe that most people in the Ethereum community—including those engaged in finance—are responsible. They are not the type of people like Do Kwon. So as long as leverage does not get out of control and does not fall into that vicious cycle, I think ETH derivatives themselves are a sound and reasonable existence.
It is a good thing for them.