Matrixport Co-founder: SBET and MSTR Models Are Fundamentally Different, Beware of Excessive Market Optimism

Matrixport co-founder Daniel Yan pointed out today that the market generally equates the Ethereum spot ETF concept stock SBET with $MSTR and makes a strong bullish judgment based on this. However, he believes that the core of $MSTR's flywheel mechanism lies in convertible bond financing to purchase BTC, while SBET mainly relies on ATM (at-the-market) fundraising, which easily dilutes the value of $ETH per share, making its stock price more vulnerable to negative shocks. At the same time, SBET was jointly founded by a group of Ethereum whales, more to build a positive expectation for the price of $ETH, and its holdings will be unlocked in 5 months, and there is uncertainty in the game. Daniel emphasized that the article is not to be bearish on $ETH or SBET, but to provide rational analysis for investors during a period of high market sentiment. He also holds ETH. [Wu Blockchain]