This should be a good interpretation of last night's ETH version of MicroStrategy.
1. The reason for selecting SharpLink as a listed company is that its market value is only 10 million, and by issuing 69.1 million new shares at a low price, it can hand over 90% control to Ethereum-related institutions.
2. With a grant of 425 million dollars, they can buy 120,000 ETH, use this for staking, which is definitely a high-yield tool, and the financial report will look good.
3. New flywheel model: low-cost financing -> buy and stake ETH -> if the stock price is higher than the corresponding income value -> refinance -> continuously repeat the bubble creation.
4. Provide a way for institutions that cannot hold coins to indirectly buy ETH, telling Wall Street the story of Ethereum as a reserve asset.
5. Key points to focus on: stock price vs premium of per-share ETH value; if there is a premium, refinancing can happen later, and whether other small companies will follow suit since there are no barriers.
6. There are rumors that this is a backdoor listing for ConsenSys, but it actually looks more like a market test for ConsenSys itself before going public.
7. Benefits for ETH holders: less circulation, new favorable narrative, traditional investors can indirectly hold ETH through stocks.
