Tom Lee and Joe Lubin Raise $675 Million for Ethereum Treasury Strategy
Tom Lee and Joe Lubin are advancing their Ethereum treasury strategies, aiming to create the 'MicroStrategy' of Ethereum.
Key Developments
- Tom Lee is now Chairman of BitMine, which announced a $250 million private placement for ETH acquisitions.
- BitMine aims to close the placement by July 3, targeting status as one of the largest publicly traded ETH holders.
- Joe Lubin's SharpLink Gaming has already become the largest public holder of Ethereum with a treasury established through a $425 million purchase.
- SharpLink recently increased its ETH holdings to 198,167 ($475 million) and acquired 9,468 ETH for $22.8 million at an average price of $2,411 per ETH from June 23-30.
- The company raised an additional $24.4 million via an At-The-Market facility, primarily for further ETH acquisitions.
- 100% of SharpLink’s ETH is staked, yielding 222 ETH in rewards since the treasury's inception.
Strategic Insights
- Lee's strategy includes a KPI of ‘ETH per share,’ similar to Saylor’s Bitcoin approach, leveraging yield from staking.
- Lubin plans to explore DeFi strategies, potentially adding leverage through convertible equity and low-rate bonds.
The current price of Ethereum is around $2,444, reflecting a decrease over the last 24 hours.
