I am 100% aligned with almost all of what Tom @fundstrat says here.
Yes, Wall Street will stake because they currently pay for their infrastructure and Ethereum will replace much of the many siloed stacks they operate on (e.g. JPMorgam probably operates on several siloed stacks from all of the banks they've acquired and absorbed over the years). They will need their heads fully in our game, because our game will be called ... Finance. They will need to become a TradFi company that operates on decentralized rails, and that means staking, running validators, operating L2s/L3s/etc, participating in DeFi and writing smart contract software for agreements, processes and financial instruments, etc. This will be a relatively easy transition for JPM because they've been exploring and using Ethereum technology for their private blockchain networks since 2014-2015. And many other financial institutions also have solid Ethereum experience.
The narrative of L2s cannibalizing L1 will very soon be shattered. See @lineabuild and Proof of Burn at github.com/ETHCF/beth for an example of how this will soon pick up momentum.
Yes, ETH will likely 100x from here. Probably much more.
Yes, Ethereum/ETH will flippen the Bitcoin/BTC monetary base.
Yes, Tom and I are friendly and get on calls intermittently to discuss elements of the strategy and ways we can collaborate in the general furtherance of the strategy even while we compete in highly differentiated ways over time.
The one quibble that I have with what Tom has been saying, and I keep telling him this: he is not nearly bullish enough.
But the real problem is that it is not possible to be bullish enough. Nobody on the planet can currently fathom how large and fast a rigorously decentralized economy, saturated with hybrid human-machine intelligence, operating on decentralized Ethereum Trustware, can grow. Trust is a new kind of virtual commodity. And ETH, the highest octane decentralized trust commodity, will eventually flippen all the other commodities on the planet. Decentralized trust is all you need.
Tom Lee @fundstrat, one of the world's largest $ETH treasury holders, says Wall Street will stake and use Ethereum and that ETH could flip Bitcoin in terms of network value:"Could Etheruem do 100x?"Joe (@ethereumJoseph) and I are in dialogue."
So here are my thoughts. Yes, $ETH is red today alongside most crypto, but seeing $SBET down ~15% while $BMNR is off ~9% is brutal. When $BMNR outperforms on green days because it runs a tighter float and carries higher $ETH concentration per share, that makes sense. But the inverse, $SBET underperforming even more on red days, feels like a confidence tax. You’re not crazy to be upset.
$SBET holders (me included) are pissed because the story is right (build an ETH treasury), but the execution and communication keep creating fear of surprise dilution. We all think this can recover next week as the dust settles, but shareholder confidence needs a real plan, not just tweets or a lack luster conference call like they had this morning. If they want a premium to mNAV, they have to earn trust day in and day out.
Here’s where $BMNR is currently winning: tighter perceived float, clearer cadence, and fewer mixed signals about when stock is being sold versus when ETH is being bought. $BMNR projects discipline; $SBET often feels like “buy ETH, sell stock, repeat” with investors guessing about the timing. Add $SBET’s complex accounting noise (LsETH impairments) and you get extra volatility on both green and red days.
What’s stopping frustrated $SBET holders from rotating into $BMNR or just $ETH itself? Honestly, not much. If $SBET trades at a fat discount to a credible mNAV and then proves it can reduce share growth while still growing ETH-per-share, that discount can close fast, that’s the bull case to stay. But without transparency and issuance discipline, rotating to $BMNR (cleaner signals) or straight ETH (no issuance risk) is a rational reaction for many.
The deals $SBET strikes must include real lock-ups and leak-out schedules so “big investors” can’t flip paper into every green day. Spell out those restrictions in plain English. Pair that with buyback authority that only triggers when the stock trades at a steep discount to verified mNAV. That tells holders, “we won’t just sell you out, we’ll buy alongside you when the market misprices us.”
Pause the ATM on days like today. If the stock is down double digits and ETH is already weak, don’t add supply. Publish a capital-formation calendar and a 10b5-1 style ATM plan so investors know when issuance can happen, and when it won’t. Commit to a weekly “wallet + mNAV” sheet: total ETH, staked vs liquid, ETH-per-basic-share, live mNAV per share, and any share count changes. Keep it boring, mechanical, and auditable.
Clean up the message around accounting. One slide, every time: why the LsETH impairment is non-cash, how it reverses, what price paths matter. Then reiterate the real drivers, ETH held, ETH-per-share, staking yield run-rate, share-count trajectory…and de-emphasize the legacy media business unless it’s material.
Red screens hurt. But this is fixable. $SBET can be the most efficient public wrapper for ETH if it adopts BMNR-level discipline, enforces lock-ups, slows issuance on weak tapes, and gives us transparent, per-share math every Tuesday. Do that, and the market will stop charging a “confidence penalty.” We will recover, but they have to meet us halfway.
because @LineaBuild has no paid shills, very few people are doing the work of connecting the dots.
a massive cookfest is happening and YOU are about to be sidelined
so I'll do it for free
- @MetaMask card relaunches coinback.fun with 10% APR on top of 3% for USDC
- the card also has 40% plus hotel discounts?
- $REX launch, almost $200m TVL in 1 week, and price has done remarkably well
- @ethereumJoseph just went on NASDAQ with @joechalom and pitched Linea for 2 minutes,
one of the value props of $SBET is that equity investors get wrapped exposure to ''the best DeFi investors on the planet'' on Linea
- Protocol design unveils eth bridged to linea is staked and staking revenue is routed to DeFi yields
(imagine the incentives with $1b of @sharplink eth)
- Sharplink is on the Linea Consortium
- @eulerfinance DAO approved an integration on Linea
- $LINEA Tokenomics have 75% of supply dedicated to 10 years of incentive for devs and users.
the sustainable liquidity incentives plus skullcrushing size of incentive warchest is actually going to turn linea into a dominant L2
none of your favorite posters will know
only me, and you
I am happy to take my positions in the Linea ecosystem and let them do the work :)
Ethereum is transforming the global financial markets
SharpLink captures this entire opportunity in a single public equity — SBET
The asset is $ETH, the ticker is $SBET
COMING UP: SharpLink’s Q2 2025 earnings call and webcast will take place on August 15, at 8:30AM ET
The executive team will review the financial and operating results for the 3- and 6-month periods ended June 30, 2025, followed by a Q&A session
How you can tune in ⤵️
$SBET holds more $ETH in terms of value $2.8B than its actual market cap of $2.2B…..and they’re still buying daily
Feel like it’s setting up for a monster move after it’s earnings Friday
Could be a big momentum shifter
→ Toll-free dial-in number: (877) 407-2988
→ International dial-in number: (201) 389-0923
→ Webcast: Use this link ⬇️
🔗 event.choruscall.com/mediaframe/web…
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