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.
