Former developer Eric Conner stated in a recent discussion that Ethereum is entering its own “MicroStrategy era,” drawing parallels to the leading corporate Bitcoin accumulator, Michael Saylor’s Strategy. Conner shed light on two “active experiments” where companies have begun setting up Ethereum treasuries, naming BitMine from Tom Lee and SharpLink from Joe Lubin as examples.
These pioneers could potentially pave the way for the next generation of Ethereum treasury companies looking to maximize returns on their digital asset investments. CryptoBitMine announced this week that Fundstrat’s Tom Lee is joining as Chairman. The company also disclosed plans for a $250 million private placement to accumulate Ethereum as part of its treasury strategy, which led to a 400% surge in its stock.
BitMine intends to stake its Ethereum to earn additional income and will gauge its success using an “ETH per share” model similar to Bitcoin treasury companies’ BTC Yield model. Lee is optimistic about Ethereum’s prospects as traditional finance transitions to blockchain, stating that a rise in tokenized dollars as stablecoins will boost Ethereum demand.
ConsenSys founder Joe Lubin is taking a more substantial risk with his gaming company SharpLink, which has raised $425 million to accumulate and stake Ethereum. Conner believes this marks the onset of the Ethereum treasury company phase, with many more firms likely to follow suit.
Despite these potential effects on Ethereum supply and demand, spot ETH prices have remained stagnant. ETH has lost 2.3% on the day, dipping below $2,400 during the Wednesday morning Asian trading session. However, it found support at this level, capping further losses. Some investors have even started referring to it as a “stablecoin” due to its lack of significant movement.
