Ethereum Treasury Model With Staking Yield Could Outperform Bitcoin Strategy, Lubin Says

Ethereum (ETH) co-founder Joe Lubin argued that a treasury strategy built around “staking yield” and on-chain cash flows could outperform a more traditional, Bitcoin (BTC)-centric corporate approach—an idea gaining relevance as institutions increasingly treat crypto as a balance-sheet asset rather than a purely speculative holding.

Lubin: an “Ethereum version” of the Strategy model

In an interview clip shared on X by Tom Lee, chairman at BitMine, Lubin said that after meeting Strategy founder Michael Saylor, he became convinced an “Ethereum version” of the Strategy model could be implemented more effectively.

Lubin’s key distinction was that ETH can be deployed to earn returns immediately through staking, enabling compounding from day one. By contrast, he said a pure buy-and-hold approach depends primarily on price appreciation.

He also pointed to staking rewards and what he described as layered revenue opportunities within Ethereum’s broader ecosystem. In his framing, ETH-based treasury management could evolve from simple accumulation toward a model that seeks both yield generation and redistribution mechanisms—positioning Ethereum as a productive asset rather than a store-of-value-only allocation.

Geopolitics and crypto payments: sanctions exposure risk

Blockchain analytics firm Chainalysis warned that shipping companies accepting crypto payments for freight tied to Iran may face elevated sanctions exposure. While crypto can bypass traditional correspondent banking rails in cross-border settlement, Chainalysis said on-chain transactions remain traceable, enabling authorities to follow payment flows through conversion and cash-out points—undermining claims of anonymity in such arrangements.

Chainalysis also cited a decline in Iran’s Bitcoin mining footprint, estimating the country’s hashrate fell by roughly 7 exahashes per second quarter-over-quarter to around 2 EH/s. The data point adds to scrutiny of geopolitically sensitive mining activity, where energy constraints, enforcement actions, or sanctions risks can affect network participation.

ETF flows: Solana spot products see inflows

In U.S. markets, spot Solana (SOL) ETFs recorded net inflows of $11.453 million on April 10 ET, according to figures cited by PANews. The inflows were concentrated entirely in the Bitwise Solana Staking ETF (BSOL), highlighting demand for “staking-enabled” structures that pair price exposure with native yield as ETF issuers compete on product design.

Government holdings: Bhutan reduces BTC exposure

On sovereign and state-linked holdings, Bhutan has sold roughly 70% of its Bitcoin reserves over the past 18 months, based on Arkham-tracked wallet data cited by WuBlockchain.

The report said Bhutan’s BTC balance declined from about 13,000 BTC in October 2024 to 3,954 BTC currently. It also estimated that $215.7 million in Bitcoin has been moved out of relevant addresses so far this year, suggesting government-related holders could become incremental sources of supply depending on fiscal needs and market conditions.

Bittensor dispute weighs on TAO token

Covenant AI, a participant in the Bittensor ecosystem, announced it is leaving the network, alleging centralized control issues tied to unilateral changes to subnet incentives and disruptions to community operations by Bittensor founder Jacob Steeves.

The dispute weighed on market sentiment, with Bittensor’s TAO token sliding 18.5% over 24 hours amid uncertainty about governance stability and incentive alignment—factors described as critical for decentralized AI networks competing for builders and capital.

U.S. regulation: “Clarity Act” odds cited at 30%

In Washington, Wintermute policy head Ron Hammond put the odds of the U.S. digital asset market structure bill known as the “Clarity Act” passing this year at around 30%. Hammond said the bill’s central goal is to delineate oversight responsibilities between the Securities and Exchange Commission and the Commodity Futures Trading Commission.

He added that negotiations have repeatedly stalled and expectations across the market remain sharply divided, prolonging a regulatory overhang that continues to shape institutional risk appetite.

On-chain and trading signals: NOM, LINK, and DeFi liquidity

On trading and on-chain activity, analyst Yu Jin said a whale or institution estimated to hold 59% of NOM’s circulating supply transferred a large amount of NOM to Binance. The token dropped 39% over the past 24 hours.

Separately, Onchain Lens data indicated a whale withdrew 265,132 Chainlink (LINK)—worth about $2.38 million—from an exchange. Such movements are often interpreted as a potential reduction in immediate sell-side pressure, though outcomes depend on subsequent wallet behavior.

In DeFi, Yu Jin reported that WLFI repaid 25 million USD1 in loans on Dolomite, restoring USD1’s available borrow liquidity to about $35 million. The report also said WLFI still has $162 million borrowed on the platform, underscoring how leveraged positions tied to large borrowers can quickly change protocol liquidity conditions and affect short-term stability perceptions in on-chain credit markets.

Middle East de-escalation hopes in markets

Macro and geopolitical headlines remained in focus. Fox News cited a White House official saying President Trump is optimistic about the possibility of reaching an agreement with Iran. Markets are watching for signals of de-escalation in Middle East tensions that could ripple through energy prices, risk assets, and broader liquidity conditions.