Everyone’s talking about $ETH mooning…

But how can you ignore $SBET — aka the “ETH MicroStrategy”?

- $SBET just acquired 280k+ ETH

- Claims to be world’s largest public ETH holder

- Staked it all, ETF-style narrative & stock’s up like a memecoin

But here’s the thing:

1. $SBET ≠ $MSTR. It’s a clever liquidity play dressed as an ETH treasury vehicle.

2. This model = ETH “always goes up” thesis + ETF narrative = ETH price * (1+yield) * leverage

3. Problem? ETH staking yields only 2–4%.

Not enough juice to sustain a flywheel.

$BNB, by contrast, inflated 10–15% annually before. Much more stock-friendly — BUT only if there were liquidity.

It doesn’t make sense that SBET’s PB ratio is higher than MSTR’s.

Even if you’re bullish on $ETH, buying $SBET doesn’t guarantee upside.

Because SBET makes money off liquidity, not fundamentals. It behaves more like a memecoin than a value play.

There’s no 1:1 relationship between ETH and SBET, just like MSTR doesn’t move 2x BTC.

This is a bet on liquidity. And right now, sentiment is extreme.

- PB expands from 1x → 3x in hype, and crashes to 0.5x in fear.

- We’ve seen it before with GBTC’s discount.

SBET’s strategy is basically to exploit this emotional volatility — like how tokenized stocks on-chain sometimes trade at huge premiums, or how coin-related equities can carry wild valuations on Nasdaq.

It’s all a liquidity premium.

#ETHETFsApproved