After the 5 billion issuance on the 24th is approved, first focus on ETH and observe the impact of the issuance on SBET. If the impact is not significant, continue with SBET.

Some people say it's just shifting from one hand to the other, which is completely unnecessary and very contrary to profit maximization.

Firstly, one thing that can be confirmed is that they have indeed sold stocks worth 1 billion USD.

So their profit maximization strategy is to leverage and go long on ETH,

then use the 1 billion USD from the stock sale to buy ETH in the market, driving up the price of ETH, thus maximizing profits.

When viewed this way, isn't it quite ridiculous to say it's just shifting from one hand to the other?

What’s the point of shifting from one hand to the other? To keep 1 billion USD in the bank? It's far better to use market contracts for leveraged arbitrage to pump up the price with real cash. Use the money from the company’s stock sale to serve all related interest groups and make a clear profit.