In the past week, over $3.675B in public market vehicles have been raised to buy crypto: Trump Media ($2.5B in BTC), Strive ($750M for BTC + Mt. Gox claims), and now SharpLink ($425M in ETH) — backed by Ethereum co-founder Joseph Lubin, who’s now Chairman. This isn’t just marketing. It’s the first time a NASDAQ-listed company is putting ETH on its balance sheet. The strategy mirrors Saylor’s MicroStrategy play: raise equity, buy native tokens, capture ecosystem upside. MicroStrategy is up 3,313% since 2020. Expect Solana, Avalanche, and others to follow.

This is looing like the new capital formation model for blockchains. It gives public investors exposure, VCs exits, and ecosystems a demand driver. But as more of these go live, premiums will compress, and only the first-movers will win the narrative. Debt servicing issues could be a risk depending on the state of the market.