It seems that SBET has been drained like this, and the merger with BMNR is not far off. In the future, the chips of Ethereum will only become more and more concentrated.
Many people do not understand why I say that Ethereum's rise is a disaster for the crypto world—the answer is that Ethereum's logic is different now than it was before. Wall Street doesn't need to do anything; just holding the coins can yield huge profits with no investment, and even worse, Wall Street has gained control. Ethereum is now extremely centralized. If BitMine or SharpLink acquires the other, it will become a giant that completely dominates the Ethereum network, and the narrative of Ethereum's decentralization will be completely bankrupt. In Bitcoin, the foundation, miners, and users form a mutually balancing group, and no single entity can dominate. The fact that the initial block size debate did not shake Bitcoin's underlying protocol demonstrates the resilience of Bitcoin's proof-of-work mechanism. If Ethereum continues to rise, the market will abandon the truly decentralized Bitcoin. And decentralization is the true value guarantee of blockchain.
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