Draft

Instead of leaving for alternative blockchains, Lyubin has strengthened the Ethereum base — through development, education and venture investments (since 2019, Consensys has attracted hundreds of millions of dollars from JPMorgan, UBS, SoftBank, MasterCard, Microsoft and etc.).

Why is he betting on corporate reserves ETH

In the spring, Sharplink Gaming (SBET) under the leadership of Lyubin changed the profile and moved to the accumulation of Ethereum. 

For two months:

I attracted $ 425 million (Pantera Capital, Galaxy Digital, Consenses, etc.);

formed ~ $ 1.7 billion in ETH by the end of July (the second largest public position after Bitmine).

Lyubin’s logic — “ether as a working asset”: unlike BTC, ETH can be consumed and used in Defi and RWA scenaries. This gives an income stream and increases the “broadcast on the action” — the internal indicator (option MNAV), reflecting how the company’s capitalization correlates with the market value of its reserve Eth.

The strategy in the context of the market

model of corporate reserves set Microstratrategy with BTC. In 2025, a similar logic came to altcoins: Bitmine announced the goal of accumulating 5% of the ETH sent (already ~ 600 thousand ETH), Sharplink caught up with it in terms of pace. In parallel, part of the companies try reserves in SOL, BNB, TRX, HYPE. The argument in favor of ETH — stablecoins and tokenization of real assets (RWA): as the Ethereum stabilcoins are institutionalized, it becomes a link between traditional finances and Web3. Against this background, the discussion about ETF on ETH with staiking remains open: the US regulators have not yet approved products with stayking, which pushes the market to corporate «treasury» as a functional analogue.