TLDR Tech / Crypto
Strategy's Bitcoin Sale May Mark Start of ETH Outperformance
Strategy's 32 BTC sale last week could indicate the start of ETH outperformance versus BTC, and Standard Chartered is targeting an ETH-BTC ratio of 0.040 by year-end from roughly 0.028 currently – implying >40% relative upside. The core thesis: ETH's ~3% staking yield gives Ethereum treasury firms "zero need" to ever sell, whereas bitcoin treasuries must occasionally liquidate to cover expenses. Bitmine's $11 billion ETH stack alone implies ~$258 million in annualized staking revenue. Kendrick expects the mNAVs of Bitmine (BMNR) and SharpLink (SBET) – both of which have recently dipped below MSTR's – to flip back above, and says the call holds even if Strategy rebuys a large multiple of the 32 BTC this week.
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