ETHZilla’s treasury is moving into DeFi, a strategy many Digital Asset Treasuries (DATs) talk about but haven’t executed at scale: split sleeves across liquid (re)staking providers, negotiate institutional terms, and favor long-duration capital over mercenary flows.

On Sept. 2, ETHZilla — currently the fifth-largest DAT by ETH held — said it plans to deploy $100 million in ETH to Ether.fi, its first formal DeFi treasury mandate. Today, the company announced it would deploy about $47 million into Puffer.

For Ether.fi, the pitch to institutions is partly economic and partly behavioral, according to Mike Silagadze, Ether.fi’s founder and CEO. The difference with DAT flows…

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