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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

The ‘MicroStrategy’ Of Ethereum Emerges: Tom Lee And Joe Lubin Raise $675M To Stack ETH

Scott Matherson
Scott Matherson
1 month ago
3 mins read
Ethereum

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The ‘MicroStrategy’ of Ethereum has emerged, with Fundstrat’s Tom Lee and Joe Lubin making moves to advance their respective ETH treasuries. Tom Lee has emerged as the Chairman of BitMine, which will hold ETH, while Lubin is already the Chairman of SharpLink Gaming.

Lee and Lubin Raise $675 Million for Ethereum Treasury Strategy

Tom Lee and Joe Lubin have already advanced their plans to create the ‘MicroStrategy’ of Ethereum. On Tom Lee’s end, BitMine announced a $250 million private placement to raise capital for its Ethereum strategy. The Bitcoin mining company stated that the net proceeds of the offering will be used to acquire ETH, which will become the firm’s primary reserve asset. 

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BitMine plans to close this private placement on or about July 3, as it aims to become one of the largest publicly traded ETH holders with Tom Lee as the Chairman of the Board. On the other hand, SharpLink Gaming, with Joe Lubin’s help, is already the largest publicly traded Ethereum holder. 

The company earlier launched its Ethereum treasury with a $425 million ETH purchase. SharpLink Gaming recently announced that it has increased its total ETH holdings to 198,167 ($475 million), further establishing its position as the ‘MicroStrategy’ of Ethereum. Between June 23 and 30, it acquired 9,468 ETH for $22.8 million at an average price of $2,411 per ETH. 

During that same period, SharpLink Gaming also raised an additional $24.4 million through its At-The-Market (ATM) facility, selling $2.5 million shares. The company revealed that most of the proceeds will go toward further Ethereum acquisitions. As of June 30th, 100% of its ETH is staked, and the firm has earned 222 ETH in rewards since it began an ETH treasury company.

Plans To Mirror Saylor’s Strategy

In an X post, crypto commentator Eric Conner commented on how Ethereum is getting its own MicroStrategy era thanks to Lee and Lubin’s experiments. He highlighted BitMine’s proposed KPI of ‘ETH per share,’ which mirrors Saylor’s playbook, except that ETH earns yield in this instance through staking. 

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The ‘MicroStrategy’ Of Ethereum Emerges: Tom Lee And Joe Lubin Raise $675M To Stack ETH

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Conner further remarked that BitMine’s mining DNA lets it spin up validators and tap DeFi rails, turning a once-capital-intensive operation into a cash-flow engine secured by Ethereum. On the other hand, he noted that Joe Lubin and SharpLink Gaming’s move is bigger. SharpLink is already staking its ETH holdings and plans to explore other DeFi strategies. With this move, the crypto commentator declared that ETH becomes the reserve while yielding bankroll growth. 

Lubin also recently raised the possibility of adding leverage to SharpLink Gaming’s Ethereum strategy, which will mirror Saylor’s strategy. He stated that they may do convertible equity and issue bonds at low rates, without putting the strategy at risk.

At the time of writing, the Ethereum price is trading at around $2,444, down in the last 24 hours, according to data from CoinMarketCap.

Ethereum
ETH trading at $2,446 on the 1D chart | Source: ETHUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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