Ethereum companies are moving away from the capital management model popularized by Strategy founder Michael Saylor. This was stated by SharpLink Gaming CEO Joseph Shalom in an interview with The Block.

According to him, firms in the Ethereum ecosystem are focusing on income from staking and simplifying their balances, in contrast to Saylor's "financial engineering," which often involves leveraging for aggressive Bitcoin investments.

Shalom believes Ethereum is a more effective reserve asset, as token holders receive passive income directly. SharpLink has accumulated 868,699 ETH worth approximately $1.96 billion, ranking second in the market after BitMine, which holds over 5.1 million ETH.

The SharpLink CEO noted that many industry players suffered due to the issuance of convertible bonds and preferred securities in the early stages. SharpLink has focused on raising equity and staking, which has allowed it to maintain stability despite a 91% drop in stock prices from the 2025 highs.

Shalom also highlighted the trend towards tokenization of assets and the increasing use of stablecoins. He mentioned plans by NYSE and Nasdaq to transition to 24/7 trading and developments by DTCC in RWA collateralization.

According to the executive, the correlation between Ethereum and Bitcoin, as well as the tech sector, will weaken in the future. Growth drivers will include the development of DeFi, tokenization of real-world assets, and AI integration into blockchain.

Bit Digital's Revenue Decline

The mining company Bit Digital released its financial report for the first quarter. Total revenue was $27.9 million, a 13.6% decrease from the previous period.

Key metrics include:

  • net loss: $146.7 million (compared to $185.3 million in Q4 2025), driven by the revaluation of digital assets;
  • cash: $79.5 million;
  • digital asset volume: $295 million;
  • Ethereum holdings: 155,444 ETH valued at approximately $327 million.

Bitcoin mining revenue fell by 32.9% to $3.7 million. The company confirmed its strategy to reduce reliance on Bitcoin mining in favor of the Ethereum ecosystem and AI infrastructure.

Revenue from Ethereum staking dropped to $2.3 million amid declining asset prices. To enhance balance flexibility, the company transferred 70,000 ETH to liquid staking protocols.

Cloud services generated $16.8 million. The colocation segment saw a 23.9% increase, generating $4.8 million in revenue.

Bit Digital holds a controlling stake in AI infrastructure operator WhiteFiber. CEO Sam Tabar stated that the future of the financial system lies at the intersection of AI and Ethereum.

"We provide computing infrastructure through WhiteFiber and settlement pathways via our Ethereum staking platform. These are parts of a unified platform," he emphasized.

Recall that in May, BitMine's chairman Tom Lee stated that the company had nearly reached its Ethereum accumulation goal and plans to slow down purchases.