The Ethereum financial strategy sets yield targets, but risks also exist: Bernstein | CoinDesk JAPAN

• A new strategy is emerging with Ethereum financial firms. According to Bernstein, these firms hold Ethereum to earn operational yields, unlike Bitcoin finance.
• The company's report warns that the higher the yield, the greater the complexity.
• Bernstein maintains a bullish outlook on Ethereum.

Companies holding Ethereum (ETH) are launching new strategies. This involves treating this cryptocurrency not merely as a reserve asset, but as capital that generates returns.

In recent months, multiple companies have announced Ethereum financial strategies to generate passive yields through ETH staking. Examples include BitMine Immersion Technologies and SharpLink Gaming.

According to a research report released by Bernstein, a Wall Street broker, on July 28, these companies are building finances that hold Ethereum, the second-largest cryptocurrency, and are supporting the financial foundation of this network while earning profits by staking their assets.

While Bitcoin finance, like Strategy, emphasizes liquidity and passive holding, Ethereum finance focuses on staking yields, which are currently just under 3%, but historically have been reported to be in the range of 3% to 5%.

Bernstein estimates that the $1 billion (approximately 150 billion yen, based on an exchange rate of 150 yen to 1 dollar) scale of Ethereum finance could generate an annual yield of $30 million to $50 million (approximately 4.5 billion yen to 7.5 billion yen).

However, the earnings come with complexity. The Ethereum staking model provides yields to holders rather than miners, necessitating active capital allocation and stricter risk monitoring.

Unlike the highly liquid Bitcoin reserves of the strategy, Ethereum staking imposes liquidity constraints. Unstaking can take several days, which can lead to mismatches during periods of high volatility.

According to the report, more advanced strategies such as restaking and DeFi-based yield farming increase the risks associated with smart contracts and security. Financial managers need to balance yield optimization with institutional-level custody and risk infrastructure.

Still, Bernstein expects that major Ethereum financial firms will effectively manage these trade-offs.

The report points out that about 30% of the supply of Ethereum is staked, and an additional 10% is locked in DeFi, along with a continuous inflow into ETFs (Exchange-Traded Funds), indicating a robust structural demand for ETH in the short to medium term.

On the other hand, the supply remains relatively stable. Analysts continue to show a bullish outlook on Ethereum and its ability to support financial strategies, as long as liquidity and risks are managed in a disciplined manner.