The High-Stakes ETH Gamble: What SBET and Its Investors Are Betting On in a Ponzi-Like Treasury Play
@Bullaroo：
In the volatile world of cryptocurrency-tied equities, SharpLink Gaming ( $SharpLink Gaming(SBET)$ ) has emerged as a lightning rod for speculation, drawing parallels to MicroStrategy's ( $Strategy(MSTR)$ ) Bitcoin playbook but with Ethereum (ETH) as the star asset. From aggressive ETH accumulation to massive stock issuances, SBET's strategy embodies a high-wire act where everyone involved—company executives, institutional backers, and retail investors—is placing enormous bets. But what exactly are they wagering on? And in this setup, which bears hallmarks of a Ponzi-like scheme reliant on continuous inflows to sustain value, what critical factors must ordinary investors grasp before diving in? Drawing fr