Bankless Should I Buy ETH Treasuries? Early Stage Greed Cycle? | Michael Nadeau’s DeFi Report #4
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Aug 5, 2025 
Michael Nadeau, founder of The DeFi Report, dives into the surge of ETH treasury companies and their implications for the market. He reveals the potential for a bullish late-cycle trend while emphasizing the risks of leverage and market volatility. The conversation explores the impact on DeFi, the rising DEX volumes, and signals that could push ETH to new heights. Nadeau highlights the importance of strategic investor approaches and the cautious optimism among institutional players navigating the evolving crypto landscape.
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ETH Treasury Reflexivity Premium
- ETH treasury companies create a premium by generating attention and accessing convertible debt markets.
- This reflexivity amplifies returns, making ETH treasuries potent leveraged plays similar to MicroStrategy's Bitcoin strategy.
Why ETH Beats Bitcoin for Treasuries
- ETH is superior to Bitcoin for treasury strategies due to staking yield and higher volatility.
- These factors create more value and competition in convertible debt markets for ETH treasuries.
DeFi Yield From ETH Treasuries
- ETH treasury companies deploying ETH into DeFi spark reflexivity that increases on-chain activity and fundamentals.
- This may lead to a DeFi summer 2.0 with growing transaction fees and TVL.