At roughly 4% staking yield, a billion dollar ETH treasury throws off around $40...

…First, a minimum of $1 billion denominated in ETH, not USD. That denomination matters because it means the new organization's wealth is structurally tied to ETH price performance. Second is that the entity would be sustained permanently by staking rewards and a slice of network fee revenue. At roughly 4% staking yield, a billion dollar ETH treasury throws off around $40 million per year in operating budget forever. Third, an explicit mandate to support ETH's competitive position and ETH's price. Fourth, governance by a board of directors who, in Denrad's exact framing, want ETH to go up and a leader who is competent and wants to fight. Fifth, accountability to the network rather than to a single nonprofit charter. And here is the direct quote that detonated…