Matrixport Co-founder: SBET and MSTR modes are fundamentally different, beware of market over-optimism.

According to Wu, Daniel Yan, co-founder of Matrixport, pointed out in a post today that the market generally equates the concept stocks of the Ethereum spot ETF, 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 can easily dilute the corresponding value of each share of ETH, making its stock price more susceptible to negative impacts. At the same time, SBET was jointly established by a group of Ethereum whales, more to build a favorable expectation for the ETH price, and its holdings will be unlocked in 5 months, creating uncertainties in the speculation. Daniel emphasized that the post is not bearish on ETH or SBET, but aims to provide rational analysis for investors during a period of high market sentiment; he himself also holds ETH.