Like damodaran says, there is a difference holding ETH as speculation, which IMO is horrendous from a corporate finance PoV, and holding ETH as working capital (much healthier and productive) There are some financial models out there calculating ETH market cap against reserves held. I think this is misguided as it further perpetuates (3,3) The worse part is that Luna-Terra alarmist are mostly gone now. I feel like this will repeat itself.