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

Ethereum (ETH) co-founder Joe Lubin has argued that a treasury strategy built around 'staking yield' and on-chain cash flows could outperform the more familiar Bitcoin (BTC)-centric corporate playbook—an increasingly relevant claim as more institutions explore crypto as a balance-sheet asset rather than a purely speculative holding.

In an interview clip shared on X by Tom Lee, chairman at BitMine, Lubin said that after meeting Strategy founder Michael Saylor, he came away convinced an “Ethereum version” of the Strategy model could be implemented more effectively. The distinction, he suggested, is that ETH can be deployed to earn returns immediately through staking, potentially enabling compounding from day one—whereas a pure buy-and-hold approach relies primarily on price appreciation.

Lubin pointed to the combination of staking rewards and what he described as layered revenue opportunities within Ethereum’s broader ecosystem as a structural advantage. In his framing, ETH-based treasury management can evolve from simple accumulation toward a model that seeks both yield generation and redistribution mechanisms, positioning Ethereum as a productive asset in a way that resembles yield-bearing financial infrastructure rather than a store-of-value-only allocation.

Elsewhere, 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 emphasized that on-chain transactions are highly traceable, allowing authorities to follow payment flows through to conversion and cash-out points—an operational reality that can undermine the perceived anonymity of such arrangements.

Chainalysis also noted a sharp 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 broader market scrutiny of geopolitically sensitive mining activity, especially where energy constraints, enforcement actions, or sanctions risks may alter network participation.

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 how 'staking-enabled' structures may be drawing demand by pairing price exposure with native yield—an evolving dynamic as ETF issuers compete on product design and cash-and-carry equivalents.

On the sovereign and state-linked holdings front, Bhutan has sold roughly 70% of its Bitcoin reserves over the past 18 months, according to Arkham-tracked wallet data cited by WuBlockchain. Bhutan’s BTC balance reportedly declined from about 13,000 BTC in October 2024 to 3,954 BTC currently, with an estimated $215.7 million in Bitcoin moved out of relevant addresses so far this year. The drawdown underscores how government-related holders may become incremental sources of supply depending on fiscal needs and market conditions.

Meanwhile, Covenant AI, a key participant in the Bittensor ecosystem, announced it is leaving the network, alleging centralized control issues tied to unilateral changes in subnet incentives and disruptions to community operations by Bittensor founder Jacob Steeves. The dispute weighed heavily on market sentiment, with Bittensor’s TAO token sliding 18.5% over 24 hours amid uncertainty about governance stability and incentive alignment—both critical factors for decentralized AI networks competing for builders and capital.

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 proposal’s central goal is to delineate oversight responsibilities between the Securities and Exchange Commission and the Commodity Futures Trading Commission, but 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 the trading and on-chain activity side, 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, with the token dropping 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, a type of movement frequently interpreted as a potential reduction in immediate sell-side pressure, though outcomes vary depending on subsequent wallet behavior.

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

Finally, Yu Jin reported that WLFI repaid 25 million USD1 in loans on Dolomite, restoring USD1’s available borrow liquidity to about $35 million, while WLFI reportedly still has $162 million borrowed on the platform. The update highlights how leveraged DeFi positions—particularly those tied to large borrowers—can quickly alter protocol liquidity conditions and influence short-term stability perceptions across on-chain credit markets.