Bitmine Vs. Sharplink: One Is A Dilution Trap, The Other Is The Better Ethereum Proxy

2026-03-09 05:25:53 ET

Investment Thesis

The results of Bitmine Immersion Technologies ( BMNR ) and Sharplink Inc. ( SBET ) have begun to diverge sharply in the competitive battle to become the largest treasury holder of Ethereum. If in my previous analysis I believed that SBET had only a slight advantage, with BMNR maintaining its position as the sole leader, now I am becoming increasingly aware of the risks of Bitmine's business model, associated with its complete dependence on the recovery of the Ethereum ( ETH-USD ) price. The recent changes in market conditions and corporate actions have led to SBET's appeal only growing, enabling its shares to rise despite the continued decline in the value of cryptocurrency. In the meantime, its P/NAV multiple has dropped to 0.86x, with unrealized losses going past Strategy's ( MSTR ) levels....

Read the full article on Seeking Alpha

For further details see: