Matt Hougan, Chief Investment Officer of Bitwise, stated that treasury companies and holding companies hold and stake ETH through a form of "equity packaging," addressing the long-standing "value narrative problem" of Ethereum and attracting more TradFi capital. He pointed out that this model can provide investors with a familiar yield structure, but also cautioned that companies need to manage debt and basis risk carefully to avoid being forced to dump assets due to excessive leverage. Hougan emphasized that, overall, the risk of "catastrophic Close Position" is low.