Ethereum treasuries are in trouble. Market premiums for shares in companies that hold Ether as a reserve asset have evaporated from 5x during the summer to below 1x by September, marking what Coinbase analysts are calling the end of the “speculative phase” and the beginning of a brutal “player-versus-player” battle for survival. Translation: investors no longer these as growth plays on crypto euphoria. Instead, they’re just expensive wrappers for Ethereum itself. The premium collapse comes as 71 firms ...