According to Odaily Planet Daily, Bitwise Chief Investment Officer Matt Hougan said that Ethereum treasury companies and holding companies have solved Ethereum's narrative dilemma by packaging this digital asset in a way that is easier for traditional investors to understand, thereby attracting more capital.

Hougan pointed out in an interview that Ethereum has always had difficulty clarifying its profit model for traditional financial investors until its native token ETH was packaged into a structure similar to a "stock shell".

He explained: "Over the past few years, from a valuation perspective, the problem with ETH has been that Wall Street can't find a clear answer to why it's valuable. Is it a store of value? Is it the scarcity created by the burn mechanism? Is it a source of income? Or is it the yield from staking? No one can say for sure. But if you take $1 billion of ETH and put it into a company and stake it, it will start generating yield immediately. And investors are very familiar with companies that can generate yield." (Cointelegraph)