With multi billion dollar treasuries and 9 figure war chests, at this point your obligated to learn about the biggest buyers in the room Brook does a great job explaining them here

I would add some more pros : Eth treasury companies are currently generally. Unencumbered They are increasing “Eth per share” without taking on more debt: they can’t be liquidated compared to ETFs they can stake So far no convertible debt—not necessarily a bad thing.