ETHEUR
Ethereum / Euro
crypto Composite

Same reason Tom "fat cuck" Lee said spx 7000 and ETH 2k

Since I am already invested in Ethereum with Grayscale Ethereum Mini Trust ETF (ETH), I swapped some of that into SBET, to me this is a bet on mean reversion, does not add any Ethereum beta, for me.
# The opportunity
https://preview.redd.it/qyve9dxk7lag1.png?width=1567&format=png&auto=webp&s=871b9e3ab02e17f9aee7b6189d4fee2be2ced9ae
The stock is trading at around \~26% discount against it's NAV, I'm not using the enterprise value because the company literally just hold and stake Ethereum.
This mean there is a 36.3% potential upside to Ethereum.
The staking also yield about \~3% per year, which makes time in our favor.
Personally I think the discount is unjustified and are overreaction of the recent market crash of Ethereum from it's peak in Oct to now at $2970.
# What do SBET do
SBET is basically an eth treasury company, in plain words, it's a kind of company that harvest the premium mNAV by doing ATM sales to buy more eth and increase the eth per share, or do buy back when there's a discount on mNAV. Both are accretive.
Just like other crypto treasury company like MSTR, BMNR, BTBT, etc. They all use a mixed of PIPE, ATM, convertibles to raise fund and keep accumulating crypto.
# The Risk
The risk is obvious, if they do ATM sales when the stock is at discount to NAV, it will be dilutive which means eth per shares goes down, nav goes down, and the discount can continue to widen.
Just [like this ETHZ](https://x.com/ETHZilla_ETHZ/status/2003096385021759668) use atm selling to raise fund to pay their convertibles, and "betray" their investors by claiming they will no longer focus on building eth per share but to pivot to something else.
The discount gap may widen further or stay unclosed for a long time.
It also inherit all the market risks from Ethereum itself, obviously.
# The Good Part
The company has no convertibles, no long term or current debt, (as per their [latest 10-q](https://www.sec.gov/ix?doc=/Archives/edgar/data/1981535/000149315225021970/form10-q.htm#H_002)), and they also made a post on twitter stating they has never done atm sales when nav is at a discount:
[https://x.com/SharpLink/status/1965385468360741042](https://x.com/SharpLink/status/1965385468360741042)
While it's not legally binding it's an important and serious statement, violating that kind of statement would be faced with lawsuits from angry shareholders, burn their reputation and limit their future ability to raise money.
# I placed a $115K bet on this
https://preview.redd.it/f48c4rnxalag1.png?width=1260&format=png&auto=webp&s=43a54a5d9ee93aac35193d245bb00370a1124dfd
But let's be honest the potential upside from this bet probably won't be exciting enough for most people in WSB, it's not even a 100% potential lol.
However if you're also betting on Ethereum than this is a different story. Now if you doesn't want to bet on Ethereum, you can probably use futures to cancel out the Ethereum beta, the staking yield should cover the fees for you.

I'm up 6 figures on BTC alone. Call it what you want. I don't do shit coins. I have some into ETH and a small amount into SOL. Nothing else. Paid my taxes. Taken my profits and put it the profits into VTI and my retirement. May rejoin if BTC hits $50k. I think it remains in a transition period and we are still finding the intrinsic value with the ongoing adoption. Calling it gambling or a sure fire thing are both dangerous and foolish. Not being able to accept changes is also equally dangerous.

Created Reddit account just to comment here... exactly what OP is describing happened to me a few weeks ago. My loss was only $2,550, but this is what happened to a T.
Had MFA (Google auth), all notifications on. Was having dinner and got push notification that all my ETH and SOL was sold. Immediately locked my account, was on the phone with coinbase support agent within 10 minutes of transactions taking place... 
Long story short, coinbase did nothing. My crypto was sold for USD, then the USD was sent to a "Shopify balance" account via ACH. Sat at pending for a few days with support telling me the ACH withdrawal "should" be able to be reversed since it was reported immediately. But ultimately it went through and coinbase said there was nothing they could do.
Whoever had access to my coinbase account also deposited $1,200 USD from my actual linked checking account. Luckily I froze the account before they could also withdraw that to their Shopify account.
I also assume it was a cookie exploit but have no evidence of any of my devices or accounts being compromised. OP, I hope your situation goes differently, but I wouldn't hold my breath on getting those funds back.

The dropping of exchange reserves almost exactly matches the Bitmine accumulation. If this were happening we would see exchange reserves down at least several more million, maybe in the 10M range. Instead what we see is that Bitmine has managed to acquire 4M ETH from eager sellers basically without affecting the price. How much bigger is that supply overhang of eager sellers? Where is the next wave of buyers going to come from to turn that ETH over? With Bitmine approaching their 5% target already and mNavs premiums everywhere gone I'm out of answers. We're past the four year cycle pump time. Retail never arrived. I see plenty of bullish talk on tokenization and I'm happy for it but institutions don't need to stockpile millions of ETH to use Ethereum. What I'm looking for is the next buyer because we obviously have millions more ETH eager to sell if they can find liquidity.

[This ](https://gelato.cloud/blog/gelato-s-guide-to-avalanche-l1s-and-native-interoperability)webpage is a good one to look at. If you look at the section discussing limitations of subnets they discuss the weak interoperability of Subnets. [Here](https://build.avax.network/academy/avalanche-l1/avalanche-fundamentals/03-multi-chain-architecture-intro/03-benefits) is an actual Avax page where they discuss interoperability at the very bottom and talk about how the issue of interoperability between subnets was "partially" solved using Avax Warp Messaging. But only in so far as now they claim that you can see data from other subnets on whatever subnet you are on. Even Avax admits though on that page that you can't seamlessly transfer assets (i.e. crypto) and that you'd have to use a bridge to move crypto between subnets. To my knowledge these bridges don't currently exist and the onus is on the developer on the subnet to create the bridge to whatever subnet(s) they want to bridge to. It also should be noted that the subnets have to provide security to the main AVAX Chain but they don't provide security to the subnets (is my understanding of the current architecture).
The chainspect link you sent me showed ETH TPS as being only 11% slower than AVAX. Hardly significant if you account for the fact that Ethereum has significantly more state bloat, assets on chain, TVL, decentralization, and all of the other Eth attributes that make it far superior to AVAX. And that's not even including the L2s, which are probably much faster than AVAX by now (i haven't checked). The 4500 TPS number is just classic AVAX marketing.
There's also the issues of AVAX's inflationary tokenomics which i don't even want to bother getting into.

What are your thoughts on my derivatives thesis of ETH price suppression, if you don't mind taking the time to read it? I don't think I saw a reply from you in the fray there - apologies if I missed it.
[the thesis](https://www.reddit.com/r/ethereum/comments/1pn03v7/daily_general_discussion_december_15_2025/nu6ly9g/)
[the follow-up](https://www.reddit.com/r/ethereum/comments/1pop0zz/daily_general_discussion_december_17_2025/nujcs6x/)

Last year to buy ETH below $3000

[Avax beats ETH in pretty much every aspect regarding TPS & fees.](https://chainspect.app/compare/ethereum-vs-avalanche). Theoretical TPS can potentially be much more divergent due to the idea of horizontal scaling. Most sources that I see put ETH in the low hundreds vs AVAX around 4,500.
Not sure what you’ve seen for fees but I don’t think I’ve ever seen more than maybe a couple cents on any AVAX transaction whereas I’ve personally seen over $200 before on ETH. In terms of interoperability, that’s outside of my sandbox but I’ve not heard any complaints about weak interoperability since the pre-AWM era. You have any resources to dig into that further?
Regarding costs, yes the fees were substantial prior to the Avalanche9000 upgrade but my point is that the upgrade is very much a clear example of the foundation prioritizing attracting customers over current price. I don’t think you could really ask for more than around $20/month per subnet validator I mean from a corporate/institutional standpoint that’s less than the software licensing for a single employee.
Whether their strategy is successful in the long-run remains to be seen but it’s a valid business concept that is clearly enunciated and consistent with the actions taken by the management team. For me, it’s mostly an easy token to automate trading in due to the price staying within some pretty consistent ranges but I do think it’s fair to say that much of the criticisms revolve around surface level price and comparisons to chains that are pursuing very different paths.

32 ETH ain't really a beginners amount. Solana specs seems high but the costs are more feasible imo. 1GB internet connection is becoming a standard, 128gb ram is high but standard pc comes with 32 already. Plus the value capture on Solana is way higher comparing to Ethereum.

So what if it's currently negative? LOL bud, it's negative by a measly -0.23% annualized. This is my point. Ethereum needs WAY more burn for it to have any meaningful impact on price.
[https://ultrasound.money/?timeFrame=since\_burn](https://ultrasound.money/?timeFrame=since_burn)
Total supply has grown by over 4 million ETH since the burn started. This is not possible with Bitcoin because Bitcoin has a hard cap on total supply.
Thanks for playing.

Zero comments in this thread about the big scaling upgrades finally happening after years of laying careful groundwork.
Today, ETH is about 30 tps. The next few upgrades can ~10x this each year, ending at ~3k tps in 2027. The Glamsterdam upgrade in H1 2026 will allow for parallel execution and increased execution time. Hegota in H2 2026 will allow for statelessness. At this point, zk proving will be tested over 2027 which will be the endgame of scaling at 10k+ tps on the L1.
This doesnt include L2 tps which will steadily push 100k tps throughout 2026 and 2027. This is beyond Visa scale at 65k tps.
ETH is in a great position considering the scaling upgrades, further adoption as the leader in stablecoins and RWAs, and the death of the various alts and ETH killers returning fragmented TVL back to the liquidity on Ethereum. We are seeing the last point already with polymarket moving away from polygon to an L2, synthetix moving back to L1, etc. Then look at the alt L1s that are ghost chains such as DOT, AVA, ADA, TEZOS, and so on.

༼ つ ◕_◕ ༽つ ETH TAKE MY ENERGY ༼ つ ◕_◕ ༽つ

**BAGHOLDER BINGO**
| | 12/31/2021 |12/31/2024 |
|:-----------|------------:|:------------:|
| ETH | 🔻 -19.45% | 🔻-11%

My quick take on 2025. I got interested in BTC in 2015, and bought my first ETH in 2016. I've been wrong many times before, and tend to be too bullish:
I'm not an adherent of the 4-year bitcoin/crypto cycle hypothesis. The 4-year cycle was a miner capex cycle, amplified to some degree by the presidential election cycle's influence on liquidity across capital markets.
The influence of the miner capex cycle has been reduced by institutional adoption of bitcoin & other major crypto, retail spot ETFs, the Ethereum Merge, and smaller bitcoin block rewards. It will continue to diminish in importance.
Ethereum & bitcoin rallied to new highs earlier this year during the broader rally in frontier tech (AI, hyperscalers, etc.), and the subsequent de-risking since October has made for a very frustrating tape. Institutions are more patient than retail traders in building and maintaining LT positions. But, when they do trade, which might be only to rebalance positions, they trade in size and have a significant market impact.

I think they still need to plug into ETH (which is about to happen) and be able to onboard users / tvl. I dont think you can skip that part and continue to develop other apps, at least based on the hackathon ones I saw were winners.
Like the peaq stuff is good and all, the polkadot app is fine, but nothing that screams WOW.
Silencio app about recording sounds is like, umm sure?
The app like splitwise I saw looks cool as well but still don't think thats something that will change the narrative too much.

Primär ETH. Bleib auch noch drin, weil Kurs gerade schlecht

a lot of people split small amounts to play with both ETH for a safer base SOL for higher risk growth for moving or swapping SOL easily Rubic is handy lets you swap across chains without piling on fees

Yeah, that sounds about right if most of your swaps are routing through mainnet Ethereum. Coinbase Wallet isn’t really glitching, it just defaults you into whatever chain the token lives on, and lately ETH gas has been brutal. I ran into the same sticker shock and it basically made small swaps pointless. What helped me was using tools that aggregate liquidity across chains so the swap can route somewhere cheaper instead of forcing L1 every time. I’ve done a few swaps on OpenSea recently and noticed it actually tries different routes across chains rather than locking you into the most congested one.

I think ETH is a sleeper play. It had a ferocious comeback when everyone thought it was dead, so I think it could do it again.