Inspired by Michael Saylor’s Bitcoin Playbook, Joseph Lubin argues that Ethereum Treasury Companies can provide profitability gains and investment opportunities for their Bitcoin counterparts.
Speaking exclusively with Cointelegraph at Token2049 in Singapore, the Ethereum co-founder unpacked his thesis on why ether (ETH) Digital Asset Treasuries (DATS) Presents Top Opportunities from the Bitcoin (BTC) Treasury Movement Popularized by Saylor’s Bitcoin Strategy.
“I would rather have something that potentially has more impact. It’s certainly as robust as Bitcoin and I would argue more robust because of the functionality and the organic demand to pay for transactions and storage,” Lubin said.
https://www.youtube.com/watch?v=hainlj7rtss
The Ethereum co-founder actively defended ETH Dats after being appointed chairman of the treasury company with ETH Sharplink Gaming.
The Nasdaq-listed igaming company has bought more than $2 billion worth of ether since adopting a treasury strategy in August.
Inspired by Michael Saylor
Lubin admitted that his impetus to run the ETH Treasury company was inspired by Saylor and his financial engineering constructs, which are based on Bitcoin as a reserve asset.
“I was fortunate enough to sit down and have lunch with him in December and hear his reasoning for doing all of this. It was about finding better capital assets for his company,” Lubin said.
“I talked to my colleagues and they immediately thought it was obvious that ether would be a better treasury resource because it is a productive resource containing yield.”
Lubin presented an hopeful view on Ethereum’s medium-term future. He described the ecosystem hitting its “broadband moment” in 2025, with the protocol more horizontally and vertically scalable and crying out for cheaper, profuse block space.
Related: ‘The fight for the soul of Ethereum, “cointelegraph document
He added that Ethereum had scaled too quickly over the past 18 months, which left an “excess block space” that simply didn’t have enough builders, uses and transactions to fill the void.
“I really thought there were Doldrums in our ecosystem. It was about price because there was too much ether and too budget-friendly budget-friendly block space,” Lubin said.
Solution? Start a movement of ethics that aggressively acquire the protocol’s base token and actively stake and invest ether.
“We thought maybe we could airy a fire under the Ethereum ecosystem. And it’s worked out really nicely. We have several companies and we’re diversifying in an stimulating way,” he said.
Supply dynamics to increase ether
The Ethereum Dat landscape is growing rapidly, but is dominated by two significant players: Bitmine Sharplink and Tom Lee.
The latter is the proverbial whale. Led by Case Lee Fervent Bull for Ether, the company acquired 2.65 million ETH as of Wednesday. Its holdings are worth $11 billion, much larger than Sharplink’s $3.69 billion stack of 839,636.
Related: Sharplink Ether Holdings Close to $1B in Unrealized Gains as ETH Inflow
Lubin told Cointelegraph that he initially expected to raise a sprint, but that has changed since publicly setting a goal to acquire 5% of Ether’s total monetary base.
“We didn’t think about the limit, but we felt we couldn’t accumulate too much ETH, otherwise there would be a lawsuit from the ecosystem.”
Lubin’s long-term goal is to increase ether concentration per fully diluted share while protecting the capital price. Sharplink will then seek to further monetize its Staked Ether.
Lubin envisions a future where Sharplink borrows against ETH, invests in Ethereum-focused companies, and stakes in supporting protocols.
“The real opportunity is Berkshire Hathaway in the next global economy, a more decentralized global economy.”
Weighing the risks
The DAT movement will fall as one of the meta-narratives of 2025. However, skeptics remain concerned about the systemic risk that treasury firms are taking on by incurring significant debt to procurement protocol tokens.
Lubin left every conversation about the cataclysmic collapse caused by DAT while warning against the companies.
“The biggest risk is not doing this kind of thing, because it is a profound new construct.”
Lubin predicts that the price of ETH will increase as supply-side dynamics tighten, driven by ETH buying.
“The financial industry is falling into our ecosystem,” he said. “Other companies are getting into our ecosystem. This is our broadband moment. Everyone is paying sedate attention to what we’re doing. We’re not going to get out of our way.”
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