A 33.34% single-week reserve gain collides with quarterly reporting discipline
Should the treasury trim the ETH reserve back to its stated policy weight to lock in the week's gain before quarter-end reporting, or leave the position untouched and report whatever value remains at close?
The market facts are real; the decision maker is illustrative.
The week and the position
In the week of 9 April 2018, ETH rose 33.34%, from 400.40 to 533.88, closing at 99.2% of its weekly range after a low of 387.10 on Monday. Realised volatility was 115.7% annualised, with a best day of 15.3% on Thursday and a largest one-hour move of 6.3%. ETH beat BTC by 14.17 percentage points and the ETH/BTC ratio gained 11.89%. The asset was still 53.94% below its 52-week high, and the prior four weeks were -25.52%, -2.54%, -27.75% and 5.76%. An illustrative treasury holds ETH as a reserve and reports balances quarterly.
Judgment
The gain is price-driven and concentrated in a few large moves, led by Thursday's 15.3% day and a 6.3% hour, so it does not justify expanding the reserve. If the position now sits above the treasury's stated policy weight, trim back to that weight and hold the proceeds in the reporting-stable part of the reserve; do not set the weight from a single 33.34% week. At 115.7% annualised volatility and 53.94% below the 52-week high, quarterly reports will swing on one week's price action regardless. Accept that trimming forfeits further upside if the rally continues.
What would change it
If the position is still at or below the policy weight, no trim is due and the reserve stays as-is. If ETH holds above the weekly close of 533.88 for several more weeks or recovers a stated share of its 53.94% gap to the 52-week high, the policy weight itself can be reconsidered at the next review.
What sets this case apart
A single strong week tests a pre-set weight, not a price forecast; the trigger is drift above policy, not the size of the 33.34% gain.