Keeping other parameters unchanged, if ETH rises to $5000, the mNAV of SBET will only drop to around 1.8, maintaining a premium level similar to MSTR.
This means that with $ETH moving from 3100 to 5000, the momentum is strong, at least stronger than MSTR.
MSTR vs SBET Data Comparison (BTC MicroStrategy vs ETH MicroStrategy)
Currently, #MSTR's holding ratio is 2.8645%, while #SBET's holding ratio is only 0.2325%, a difference of 12 times, and the company's market capitalization differs by 47 times.
SBET's current mNAV is in the range of 2.5-3.5, higher than MSTR's 1.75, indicating that the market gives SBET a higher valuation premium. This premium also provides SBET with greater motivation to continue accumulating ETH, and the buying pressure for ETH will continue.
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