Core Insights - Ethereum treasuries are now the most aggressive buyers of Ether, controlling 3.5% of the total supply, while Bitcoin treasuries hold 3.4% [1] - Ethereum treasuries have tripled their holdings since July, contrasting with Bitcoin treasuries that have plateaued [1][2] - The rapid accumulation of Ethereum by treasury companies indicates a shift in investment strategies, with 71 firms now holding $22 billion in Ether [4] Ethereum Treasury Accumulation - Ethereum treasuries have increased their holdings from 1% in August to 3.5% of the Ether supply, achieving this in a much shorter time frame compared to Bitcoin treasuries [3] - The growth of Solana treasuries is notable, rising to 2.3% of the supply in just five months [3] Comparison with Bitcoin Treasuries - Bitcoin treasuries are significantly larger, with 184 public firms holding over 1 million Bitcoin valued at approximately $116 billion [5] - The lack of yield generation from Bitcoin limits its treasury companies to a buy-and-hold strategy, unlike Ethereum which offers staking and DeFi opportunities [6][7] Yield as a Driving Factor - The compounding returns from Ethereum staking (approximately 3%) create a flywheel effect, allowing treasury companies to accumulate more Ether and raise capital more effectively [6] - This contrasts with Bitcoin, which does not provide any native yield, leading to a different investment thesis in public equity markets [7]