Bankless ETHZilla: Ethereum Treasury Strategy | McAndrew Rudisill & Avichal Garg
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Aug 27, 2025 
In this engaging discussion, Avichal Garg from Electric Capital and McAndrew Rudisill of ETHZilla delve into the revolutionary potential of Ethereum as a treasury asset. They explore how ETH is becoming a high-quality collateral option and the innovative strategies behind ETHZilla's accumulation model. Garg and Rudisill also discuss the intricacies of credit markets, leverage discipline, and the impact of stablecoins on DeFi. The conversation touches on what it means for ETH to 'win' and how these developments may spark a DeFi after-boom.
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ETHZilla’s Early Buying Run
- McAndrew Rudisill said ETHZilla began daily ETH purchases and expected to surpass 100,000 ETH quickly.
- He compared their early run-rate to Tom Lee's when he launched Bitmine Immersion.
Avoid Rehypothecation Fragility
- Rehypothecation and rehypothecation looping caused past failures like BlockFi and Celsius.
- Clean, single-counterparty collateralized debt avoids that specific fragility but still risks margin spirals in protracted bear markets.
Don't Overconcentrate ETH Ownership
- Limit single-vehicle concentration to avoid systemic risk to the protocol.
- Avoid owning high single-digit percentages of supply in one treasury vehicle.