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As Ethereum rallies to 16-month highs, comparisons between SharpLink Gaming (SBET) and MicroStrategy (MSTR) dominate crypto-equity discussions. However, Daniel Yan, a seasoned venture investor, argues the two ‘proxy’ trades differ significantly in structure and risk.
- SharpLink's equity issuance strategy causes immediate dilution, unlike MicroStrategy's convertible notes, which dilute only if the share price surges.
- SharpLink's governance includes a consortium of ETH holders whose SBET shares unlock in five months, creating potential short-term selling pressure.
- Ether ETFs' record inflows ($726.6M in a single day) may buoy SBET short-term, but its capital structure lacks MSTR's debt-driven 'flywheel' resilience.
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