In an interview with Bankless, Vitalik said: Coordinating Ethereum (ETH) as a corporate treasury asset is itself a valuable social practice.

Providing multiple channels for people to access ETH is also crucial. This may be why some people prefer to invest in treasury companies that hold ETH rather than hoarding it directly. Giving people more options is a good thing. Different people have vastly different financial circumstances, and they may have different requirements, incentives, or restrictions on how they participate. Therefore, this provides a lot of valuable services.

If you woke me up three years from now and told me that the treasury mechanism caused the collapse of ETH, my first reaction would be: it's become an over-leveraged game. At some point, a 30% drop triggers forced liquidations, which in turn triggers drops of 50%, 70%, or even 90%, compounded by a collapse of trust. However, I believe that the Ethereum community—including those working in finance—is mostly responsible. They're not people like Do Kwon. So as long as leverage doesn't get out of control and we don't fall into that vicious cycle, I think ETH derivatives are inherently sound and reasonable.

It's a good thing for them.