Happy Friday from Cumberland APAC!

ETH has seen a staggering 45% rally since the start of the month, equivalent to around $145b in market cap; one of the largest moves, in market cap terms, we’ve ever seen outside of BTC. This has likely been driven in part by the GENIUS Act being sent to the White House for signature, but in our view it has just as much, or more, to do with the spread of Digital Asset Treasuries from being a BTC-exclusive structure into ETH. DATs—particularly, but not exclusively, Strategy—were one of the main drivers of the BTC rally over the past nine months. An easing regulatory environment made holding crypto more acceptable, but a good deal of the physical buying pressure has come from DATs. During H1 of this year,...