The Milk Road Show Digital Asset Treasuries Are Buying Billions in Ethereum: Bubble or Berkshire? w/ Avichal
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Aug 12, 2025 
Avichal Garg, Co-founder of Electric Capital, dives into the surging interest in Ethereum by digital asset treasuries. He discusses the near-equivalence of ETH and BTC ETF inflows and examines whether it's a genuine supply squeeze or just hype. Garg explores strategies like the MicroStrategy playbook and how $7 trillion in money markets may fuel the next crypto boom. He also unveils how innovative financial strategies are transforming the cryptocurrency market and the role of traditional institutions in this evolving landscape.
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Ethereum Is Following Bitcoin's Institutional Path
- Institutional adoption of Ethereum mirrors Bitcoin's institutional journey starting in 2019.
- Existence of Bitcoin ETFs and institutional acceptance increases the probability of repeat adoption for Ethereum.
MicroStrategy's Playbook Launched A Trend
- Michael Saylor pioneered the digital asset treasury playbook by buying Bitcoin and funding it through capital markets.
- His approach helped spawn a new class of public companies that accrue crypto on their balance sheets.
Capital-Markets Flywheel Of DATs
- DATs can create a self-reinforcing capital-markets flywheel by issuing equity at premiums and buying crypto.
- That dynamic can make share issuance increase NAV and lift share prices counterintuitively.