How Ethereum Treasury Companies Beat Out ETFs: Standard Chartered
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 06 2025
0mins
Source: Benzinga
Emergence of Treasury Companies: Treasury firms are becoming a significant alternative to U.S.-listed spot Ethereum ETFs, with both groups acquiring approximately 1.6% of total ETH in circulation since June 1, highlighting the growing institutional interest in these treasury companies.
Investor Sentiment and NAV Multiples: The net asset value (NAV) multiple for treasury companies has stabilized above 1, indicating they are fairly priced or undervalued, especially when considering benefits like staking rewards, which may attract investors seeking more dynamic exposure than passive ETFs.
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Analyst Views on SBET
Wall Street analysts forecast SBET stock price to rise
5 Analyst Rating
5 Buy
0 Hold
0 Sell
Strong Buy
Current: 6.080
Low
15.00
Averages
18.80
High
24.00
Current: 6.080
Low
15.00
Averages
18.80
High
24.00
About SBET
SharpLink, Inc. manages the Ether (ETH), the native token of the Ethereum blockchain in the United States. Its segments include ETH Treasury Management and Affiliate Marketing. The ETH Treasury Management segment captures ETH based yield generated by participating in the Ethereum network’s staking protocol, which comprises rewards received from native staking. ETH is the global platform for stablecoins, tokenized real world assets, and decentralized finance. The Affiliate Marketing segment is focused on performance-based customer acquisition services for leading sportsbooks and online casino gaming operators. Through its iGaming affiliate marketing network, known as PAS.net, it focuses on driving qualified traffic and player acquisitions, retention and conversions to U.S. regulated and global iGaming operator partners worldwide.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Diversification Strategy Progress: Coinbase made strides in diversifying its offerings, with revenues from event contracts and crypto derivatives increasing by 320% and 169% respectively, aiming to reduce reliance on single crypto trading and enhance market adaptability.
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- Market Scale Potential: FTSE Russell noted that nearly $12.2 trillion in assets are benchmarked against its U.S. indexes, with the Russell 2000 widely regarded as a key benchmark for U.S. small-cap stocks, which will likely increase investor attention on SharpLink.
- Strategic Validation: CEO Joseph Chalom stated that this inclusion validates the company's Ethereum (ETH) treasury strategy and could help expand SBET's shareholder base and capital market access, further driving the company's growth.
- Industry Trend Opportunity: Chalom emphasized that Ethereum plays a central role in major trends such as stablecoins, tokenization, on-chain finance, and the emerging agentic economy, indicating SharpLink's significance and potential in the future market.
See More
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- Debt Reduction: Strategy repurchased $1.5 billion of its 2029 convertible notes at an 8% discount, reducing total debt from $8.2 billion to $6.7 billion, a significant 18.3% decrease that enhances the company's financial health and boosts market confidence.
- Digital Asset Holdings: Bitmine reported total holdings of $12.3 billion, anchored by 5.39 million ETH, or 4.47% of total supply, establishing itself as the largest institutional holder of Ethereum and solidifying its position in the crypto market.
- Stock Price Increase: Both Strategy and Bitmine saw their stocks rise over 4% during midday trading, reflecting market recognition of the importance of a company's treasury size, particularly in light of improved financial conditions.
- Staking Revenue: Bitmine's CEO announced that the company has staked 4.71 million ETH, projecting annualized staking revenues of $276 million, which will provide stable cash flow and support future expansion plans.
See More
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- New Additions: SharpLink Gaming and BitMine Immersion Technologies have been added to the Russell 3000 Index in the 2026 reconstitution, marking a significant recognition for these Ethereum-centric companies in the cryptocurrency sector.
- Weak Financial Performance: SharpLink Gaming reported a Q1 2026 loss per share of $3.25, significantly worse than the expected loss of $0.62, with revenue of $12.06 million falling short of the $14.6 million estimate, indicating a fragile financial condition.
- Optimistic Outlook for BitMine: Despite reporting a Q2 2026 loss per share of $0.08 and quarterly revenue of $11.04 million, analysts expect BitMine's earnings to increase by 48.28% next year, reflecting optimism around its mining and Ethereum treasury strategies.
- Muted Market Sentiment: Amidst a generally weak cryptocurrency market, Ethereum's price has dropped over 4% in the last 24 hours, while retail sentiment around ETH remains in the 'bearish' zone, indicating cautious investor attitudes towards future performance.
See More
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- Urgency for Revenue Diversification: Coinbase and Robinhood's Q1 earnings revealed a 47% drop in crypto trading revenue and missed expectations, prompting both companies to accelerate their expansion into financial services to ensure steady revenue amidst market volatility.
- Shift in User Activity: Robinhood's user engagement has shifted towards event contracts, driving a 320% year-over-year growth in this segment, generating $147 million in revenue, which highlights the potential of non-trading products during market downturns.
- Diversified Trading Strategy: Despite missing overall expectations, Coinbase reported a 169% increase in crypto derivatives, indicating the company's strategy to mitigate risks associated with market volatility by expanding trading options.
- Acquisition Expansion Plans: Bullish announced a $4.2 billion acquisition of global transfer agent Equiniti, marking one of the largest M&A deals in crypto history, aiming to position itself as a capital markets infrastructure provider rather than just a crypto exchange.
See More
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- Trading Revenue Decline: Robinhood reported a 47% collapse in crypto trading revenue, reflecting weakened demand for risk assets and a cooling of overall trading activity, which adversely impacted the company's financial performance.
- Diversification Strategy Progress: Coinbase made strides in diversifying its offerings, with revenues from event contracts and crypto derivatives increasing by 320% and 169% respectively, aiming to reduce reliance on single crypto trading and enhance market adaptability.
- Revenue Stability Enhancement: Gemini expanded into predictions, derivatives, and upcoming stock offerings, reporting a 292% year-over-year increase in consumer credit card revenue, aiming for stable revenue growth to mitigate the impact of crypto price volatility.
- Acquisition Plan Boosts Growth: Bullish announced a $4.2 billion acquisition of global transfer agent Equiniti, marking its transformation into a capital markets infrastructure company; despite missing earnings expectations, the acquisition news drove stock price increases.
See More
Sharplink Partners with Galaxy Digital to Enhance Shareholder Returns
- Partnership for Yield Enhancement: Sharplink's collaboration with crypto investment manager Galaxy Digital establishes a $125 million joint fund aimed at boosting yields through decentralized finance liquidity protocols and on-chain income-generating strategies, marking a significant shift in the company's approach to generating returns.
- Positive Market Response: Citi analyst Peter Christiansen noted that Sharplink's strategy focuses on increasing active management, effectively decoupling investor returns from the sluggish performance of the crypto market, with an anticipated 156% upside potential for the stock, reflecting optimistic market sentiment about its future performance.
- Successful Strategic Pivot: Since its inception as SharpLink Gaming in 2019, Sharplink's pivot to an ether treasury management company last year attracted Ethereum co-founder Joseph Lubin as chairman, further enhancing the company's market credibility and management capabilities.
- Disciplined Investment Strategy: Analysts emphasize that the Galaxy partnership serves as a template for future external allocations, highlighting the importance of maintaining discipline between yield generation and speculative risk-taking, a strategy that could allow Sharplink to stand out in the ether asset management space.
See More
