Why This SharpLink Whale Holds Millions in SBET—But Not Ethereum
Main Idea
A pseudonymous investor known as 'SharpLink Whale' holds over $3 million in SBET, the stock of Ethereum treasury company SharpLink Gaming, believing in its potential despite not owning Ethereum directly, due to trust in the company's management and strategy.
Key Points
1. SharpLink Whale holds approximately $3 million worth of SBET, the stock of SharpLink Gaming, an Ethereum treasury company, but does not own Ethereum directly.
2. He started purchasing SBET at around $14 and has realized over $2.5 million in profit, despite current holdings being down $126,000 from his buy-back price.
3. SharpLink Gaming raised $425 million to purchase ETH, now holding 438,190 ETH ($1.647 billion), with Ethereum co-founder Joseph Lubin on its board.
4. The investor trusts SharpLink's management, particularly Lubin, to custody ETH safely and generate yield, avoiding other crypto treasury copycats.
5. SharpLink Whale made his initial investment from profits on Coinbase and Nvidia stocks and compares his story to the 'Dogecoin Millionaire,' who profited from DOGE.
Description
SharpLink Whale currently holds more than $3.2 million worth of SBET, but literally no Ethereum—here’s why.
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