According to @MilkRoadDaily, Ethereum treasuries went from $0 on April 3, 2025 to over $20 billion in ETH within 160 days as of September 12, 2025 (source: @MilkRoadDaily on X, Sep 12, 2025). According to @MilkRoadDaily, the post compares this pace to MicroStrategy taking more than three years to reach $20 billion in BTC, underscoring a faster accumulation trajectory for ETH treasuries (source: @MilkRoadDaily on X, Sep 12, 2025). According to @MilkRoadDaily, the emphasis is on the speed and scale of ETH treasury accumulation, a data point the source highlights as a market narrative for traders monitoring institutional flows (source: @MilkRoadDaily on X, Sep 12, 2025).