Shares of SharpLink SBET have surged nearly 1,000% after announcing plans to become an Ether treasury company, echoing the playbook that turned Strategy MSTR into a crypto market darling. The firm raised $425 million in a private placement to accumulate Ether, with Ethereum co-founder Joe Lubin stepping in as chairman. The deal was led by Consensys, Lubin’s software infrastructure company, and has investors asking if this could be the beginning of a broader Ether-driven capital markets trend.

Lubin’s conviction appears to have been shaped by a conversation with Bitcoin (BTC-USD) bull Michael Saylor six months ago. While Saylor turned Bitcoin into digital gold for balance sheets, Lubin sees untapped potential in Etherespecially as staking introduces a yield component. We’ll take in more capital to buy Ether, Lubin noted, citing the possibility of share or bond issuance, but emphasized a cautious approach. Unlike earlier cycles fueled by hype, Lubin insists the focus is long-term ecosystem value, not speculation.

With Bitcoin up roughly 11% year-to-date and Ether still down around 26%, some investors are beginning to reconsider the relative value of Ethereum’s platform. Lubin believes Ether could play a central role in a more decentralized global economyand he’s not alone. Other companies are reportedly exploring similar strategies. If this momentum builds, Ether might not just power decentralized apps but start showing up on more corporate balance sheets, much like Bitcoin did in 2020.