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Likes ReceivedLet's talk about SBET and BMNR
After observing ETH and two companies adopting micro-strategies for hoarding coins, SBET and BMNR, for a while, some findings have emerged. The ecological value and prospects of ETH are not within the scope of discussion. Assuming you agree with ETH's prospects, you can continue reading.
1. Management and Investor Perspective
SBET: Lubin has officially become the Chairman of the Board, while the team's technology and strategy leaders come from ConsenSys (also an ETH technology company founded by Lubin, which is influential in the industry). The current team includes several big names in the crypto space; no institutional investors have been spotted yet.
BMNR: Tom Lee, as Chairman, has always been a bullish figure on Wall Street, with high industry exposure. Institutional investors include Peter Thiel's Founders Fund (holding 9%) and Cathie Wood's ARK, which recently entered. As for BMNR's original management, there is little exposure, and they are likely to be replaced. This seems more like a company acquired and revamped by institutions to enter the ETH space.
Summary: SBET has deep roots in the crypto space, while BMNR is deeply tied to institutions. But this is the U.S. stock market, not a crypto echo chamber. To gain institutional investment recognition, one must operate in ways and rules familiar to institutions. In this dimension, SBET falls short of BMNR.
2. Corporate Governance and Strategy Perspective
SBET: Established an industry benchmark for ETH micro-strategies, disclosing holdings, purchase volumes, average prices, etc., every Tuesday, with high transparency. Currently holds 360,000 coins. However, financing for hoarding coins relies solely on share issuance, with no institutional fundraising seen yet. On July 24, the shareholder meeting approved a resolution to issue 5 billion shares, and this week's ETH purchases are expected to hit a record high.
BMNR: Limited transparency, but Tom Lee's aggressive stance gives it high market exposure. This week saw frenzied buying, with current holdings at 560,000 coins, the highest. BMNR's share issuance methods include not only stock dilution but also public and private investments, which SBET currently lacks.
3. Trading Perspective
SBET: Extremely volatile. After share issuance or ATM, there is basically no market maker support, and the extent of the drop depends entirely on retail investors. Never encountered such a crypto scythe before—is this the world of crypto? Am I just inexperienced?😵💫
BMNR: Relatively more stable. Recent surges were driven by positive news of institutional investments. Otherwise, it follows ETH's trend.
Overall, if you enjoy volatility, choose SBET. If you want to amplify gains by following ETH, choose BMNR. However, both companies' micro-strategies are less than two months old and still in the early stages. I hold both. Next, I will focus on whether ETH can reach 4,000 by the end of July. If it does, Tom Lee's bullish calls will be proven right, and I may consider shifting some SBET holdings to BMNR (BMNR also opened options trading this week).
$Sharplink(SBET.US) $BitMine Immersion Tech(BMNR.US) $IShares Ethereum Trust ETF(ETHA.US)
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