Uniswap's Major Buyback Proposal: Can UNI Trigger a Value Reassessment?
Uniswap’s latest governance proposal aims to transition the UNI token into a deflationary model by activating protocol fees and implementing a buyback-and-burn mechanism. These changes could profoundly impact UNI’s long-term value. Core Proposal HighlightsEnable protocol fees and use them to repurchase and burn UNI tokens, transforming UNI from a governance token into a productive asset backed by cash flow.Conduct a one-time burn of 100 million UNI tokens (16% of total supply), immediately bo...
Is Polymarket Considered Gambling? Legal Risks for Chinese Users
Polymarket is a blockchain-based prediction market platform that allows users to predict future events and profit by buying and selling related contract shares. This article analyzes the risks for Chinese users from a legal perspective: * How Polymarket Works: Users use stablecoins to bet on outcomes of future events like politics or sports, trading shares that represent the probability of a particular outcome. Settlements are executed via smart contracts once the event outcome is determined....
Can Stablecoins Break Visa and Mastercard's Duopoly?
Stablecoins have emerged as a potential challenger to the $1 trillion duopoly of Visa and Mastercard. These stablecoins offer the promise of significantly lower transaction fees, which could disrupt the current market dynamics dominated by Visa and Mastercard. However, the path to widespread adoption is fraught with regulatory and banking industry pressures.The Current LandscapeVisa and Mastercard currently charge merchants transaction fees of up to 2-3%, which is often the second-largest exp...
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If ETH Hits $5,000, How High Can the Top "Crypto Stock" SBET Rise?
Support Scarlett
If ETH Hits $5,000, How High Can the Top "Crypto Stock" SBET Rise?
Uniswap's Major Buyback Proposal: Can UNI Trigger a Value Reassessment?
Uniswap’s latest governance proposal aims to transition the UNI token into a deflationary model by activating protocol fees and implementing a buyback-and-burn mechanism. These changes could profoundly impact UNI’s long-term value. Core Proposal HighlightsEnable protocol fees and use them to repurchase and burn UNI tokens, transforming UNI from a governance token into a productive asset backed by cash flow.Conduct a one-time burn of 100 million UNI tokens (16% of total supply), immediately bo...
Is Polymarket Considered Gambling? Legal Risks for Chinese Users
Polymarket is a blockchain-based prediction market platform that allows users to predict future events and profit by buying and selling related contract shares. This article analyzes the risks for Chinese users from a legal perspective: * How Polymarket Works: Users use stablecoins to bet on outcomes of future events like politics or sports, trading shares that represent the probability of a particular outcome. Settlements are executed via smart contracts once the event outcome is determined....
Can Stablecoins Break Visa and Mastercard's Duopoly?
Stablecoins have emerged as a potential challenger to the $1 trillion duopoly of Visa and Mastercard. These stablecoins offer the promise of significantly lower transaction fees, which could disrupt the current market dynamics dominated by Visa and Mastercard. However, the path to widespread adoption is fraught with regulatory and banking industry pressures.The Current LandscapeVisa and Mastercard currently charge merchants transaction fees of up to 2-3%, which is often the second-largest exp...
ETH's Surge and Corporate Adoption
Over the past month, Ethereum (ETH) has skyrocketed from $2,100 to $3,000. Amid this rally, U.S. publicly traded companies and mining firms have announced purchases of ETH as part of their "strategic reserves." Some mining companies have even sold all their BTC to buy ETH with cash.
According to statistics, Ethereum strategic reserve companies have collectively purchased over 545,000 ETH in the past month, totaling more than $1.6 billion in value.
SBET's Rollercoaster Ride
SharpLink (SBET), the first company to adopt ETH as a strategic reserve, saw its stock price surge from $3 to over $100 after announcing its ETH purchases. However, it later plummeted back to single digits, drawing market criticism. Currently, the stock has rebounded to above $20.
If ETH reaches $5,000, how high can SBET, the leading "crypto stock," go?
SBET's Aggressive Accumulation
Recently, SBET purchased nearly 50,000 ETH in just five days, surpassing the Ethereum Foundation's total holdings. Additionally, SBET has staked a portion of its ETH on-chain to earn staking rewards. As of July 8, its staked positions have already yielded 322 ETH.
Top Ethereum Reserve Companies
Currently, five U.S. publicly traded companies hold ETH as a "strategic reserve":
SharpLink Gaming (SBET)
BitMine Immersion Technologies (BMNR)
Bit Digital (BTBT)
Blockchain Technology Consensus Solutions (BTCS)
GameSquare (GAME)
The ETH holdings of each company are as follows:
[Insert table of ETH holdings here]
Understanding mNAV
mNAV (Market Capitalization to Net Asset Value ratio) is calculated as:
[ \text{mNAV} = \frac{\text{Market Capitalization}}{\text{Total Value of ETH Held}} ]
For ETH reserve companies, mNAV reflects the disconnect between market cap and asset value, as well as the sentiment premium the market assigns to a particular concept or stock. A higher mNAV indicates stronger speculative sentiment, while a lower one suggests relative rationality.
Market Sentiment and Historical Precedents
Taking BTC reserve companies as an example, MicroStrategy (MSTR) had a market cap about 1.78 times its Bitcoin NAV (mNAV) as of May 2025. Between August 2022 and August 2024, MSTR's mNAV fluctuated between 1x and 4.5x.
MSTR's mNAV curve illustrates how crypto market sentiment drives valuations for such companies. Peaks (e.g., 4.5x) typically occur during BTC bull cycles or when MSTR aggressively accumulates BTC, signaling high investor enthusiasm. Conversely, lows (e.g., 1x) align with crypto bear markets, indicating diminished sentiment premiums.
An mNAV between 2 and 2.5 represents neutral investor sentiment. Among the five Ethereum reserve companies, SBET and BTCS currently fall within this range, while BMNR and BTBT appear slightly overvalued.
Note: BMNR and BTBT were originally mining companies and may hold assets beyond ETH, which are not accounted for here.
Overall, Ethereum reserve stocks remain in a relatively rational valuation range, with market enthusiasm yet to reach FOMO levels.
Projecting Gains if ETH Hits $5,000
If ETH rises to $5,000 in the coming months—assuming these companies maintain their ETH holdings without additional fundraising—a rational premium (mNAV = 2) would imply the following stock prices and potential gains:
[Insert projected stock prices and gains table here]
Investors should note that mNAV = 2 is a neutral premium. If ETH indeed reaches $5,000, the market may be willing to assign even higher sentiment premiums to these companies. Additionally, staking rewards will further increase their ETH holdings.
Why Ethereum? Institutional Appeal Explained
When asked why they chose ETH, these companies cite three key reasons:
The success of BTC reserve companies like MSTR.
ETH's staking yield.
ETH's potential in narratives like stablecoins and Real-World Assets (RWA).
CEO Perspectives
Bit Digital's CEO, Sam Tabar, is optimistic about replicating MSTR's model with ETH and is confident ETH could reach $10,000:
"We’re just getting started with Ethereum reserves. This is only the warm-up. Think about how Saylor cyclically issued shares to acquire BTC, and as BTC rose, it enabled him to repeat the process."
Primitive Ventures highlighted ETH's staking potential as a reason to bet on SBET:
"ETH’s native yield through staking and DeFi makes it a productive asset, unlike Bitcoin. SBET can leverage ETH’s on-chain mechanisms for compounding growth, delivering quantifiable returns to shareholders."
Bitmine Immersion Technologies' CEO is bullish on ETH's RWA and TradFi potential:
"Ethereum’s appeal lies in being the primary blockchain for tokenizing real-world assets. As more financial and real-world assets are tokenized, institutions like Goldman Sachs, JPMorgan, Amazon, and Walmart will want to stake ETH—just as they did with stablecoins. We’re doing what these companies will do in the future."
ETH's Surge and Corporate Adoption
Over the past month, Ethereum (ETH) has skyrocketed from $2,100 to $3,000. Amid this rally, U.S. publicly traded companies and mining firms have announced purchases of ETH as part of their "strategic reserves." Some mining companies have even sold all their BTC to buy ETH with cash.
According to statistics, Ethereum strategic reserve companies have collectively purchased over 545,000 ETH in the past month, totaling more than $1.6 billion in value.
SBET's Rollercoaster Ride
SharpLink (SBET), the first company to adopt ETH as a strategic reserve, saw its stock price surge from $3 to over $100 after announcing its ETH purchases. However, it later plummeted back to single digits, drawing market criticism. Currently, the stock has rebounded to above $20.
If ETH reaches $5,000, how high can SBET, the leading "crypto stock," go?
SBET's Aggressive Accumulation
Recently, SBET purchased nearly 50,000 ETH in just five days, surpassing the Ethereum Foundation's total holdings. Additionally, SBET has staked a portion of its ETH on-chain to earn staking rewards. As of July 8, its staked positions have already yielded 322 ETH.
Top Ethereum Reserve Companies
Currently, five U.S. publicly traded companies hold ETH as a "strategic reserve":
SharpLink Gaming (SBET)
BitMine Immersion Technologies (BMNR)
Bit Digital (BTBT)
Blockchain Technology Consensus Solutions (BTCS)
GameSquare (GAME)
The ETH holdings of each company are as follows:
[Insert table of ETH holdings here]
Understanding mNAV
mNAV (Market Capitalization to Net Asset Value ratio) is calculated as:
[ \text{mNAV} = \frac{\text{Market Capitalization}}{\text{Total Value of ETH Held}} ]
For ETH reserve companies, mNAV reflects the disconnect between market cap and asset value, as well as the sentiment premium the market assigns to a particular concept or stock. A higher mNAV indicates stronger speculative sentiment, while a lower one suggests relative rationality.
Market Sentiment and Historical Precedents
Taking BTC reserve companies as an example, MicroStrategy (MSTR) had a market cap about 1.78 times its Bitcoin NAV (mNAV) as of May 2025. Between August 2022 and August 2024, MSTR's mNAV fluctuated between 1x and 4.5x.
MSTR's mNAV curve illustrates how crypto market sentiment drives valuations for such companies. Peaks (e.g., 4.5x) typically occur during BTC bull cycles or when MSTR aggressively accumulates BTC, signaling high investor enthusiasm. Conversely, lows (e.g., 1x) align with crypto bear markets, indicating diminished sentiment premiums.
An mNAV between 2 and 2.5 represents neutral investor sentiment. Among the five Ethereum reserve companies, SBET and BTCS currently fall within this range, while BMNR and BTBT appear slightly overvalued.
Note: BMNR and BTBT were originally mining companies and may hold assets beyond ETH, which are not accounted for here.
Overall, Ethereum reserve stocks remain in a relatively rational valuation range, with market enthusiasm yet to reach FOMO levels.
Projecting Gains if ETH Hits $5,000
If ETH rises to $5,000 in the coming months—assuming these companies maintain their ETH holdings without additional fundraising—a rational premium (mNAV = 2) would imply the following stock prices and potential gains:
[Insert projected stock prices and gains table here]
Investors should note that mNAV = 2 is a neutral premium. If ETH indeed reaches $5,000, the market may be willing to assign even higher sentiment premiums to these companies. Additionally, staking rewards will further increase their ETH holdings.
Why Ethereum? Institutional Appeal Explained
When asked why they chose ETH, these companies cite three key reasons:
The success of BTC reserve companies like MSTR.
ETH's staking yield.
ETH's potential in narratives like stablecoins and Real-World Assets (RWA).
CEO Perspectives
Bit Digital's CEO, Sam Tabar, is optimistic about replicating MSTR's model with ETH and is confident ETH could reach $10,000:
"We’re just getting started with Ethereum reserves. This is only the warm-up. Think about how Saylor cyclically issued shares to acquire BTC, and as BTC rose, it enabled him to repeat the process."
Primitive Ventures highlighted ETH's staking potential as a reason to bet on SBET:
"ETH’s native yield through staking and DeFi makes it a productive asset, unlike Bitcoin. SBET can leverage ETH’s on-chain mechanisms for compounding growth, delivering quantifiable returns to shareholders."
Bitmine Immersion Technologies' CEO is bullish on ETH's RWA and TradFi potential:
"Ethereum’s appeal lies in being the primary blockchain for tokenizing real-world assets. As more financial and real-world assets are tokenized, institutions like Goldman Sachs, JPMorgan, Amazon, and Walmart will want to stake ETH—just as they did with stablecoins. We’re doing what these companies will do in the future."
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