Michael Saylor sold 32 Bitcoin, revealing a crack in the "never sell" treasury strategy. Ethereum's 3% staking yield gives it an edge over Bitcoin's zero yield for corporate holders, and the ETH/BTC ratio could rise from 0.028 to 0.04 by year-end.
I highly suggest you guys reconsider the strategy of buying Bitcoin and never selling. There's a reason why I take profit and cash it out to the bank and pay off my bills. And this whole never sell Bitcoin model just cracked. Here's what happened. Standard Chartered just called the start of Ethereum outcompeting Bitcoin. And the trigger was Michael Saylor selling 32 Bitcoin. 32. Out of over 800,000. So why does this small sale even matter? It's because of what it revealed. Okay, so listen, Standard Chartered's head of digital assets research said it directly. He sees the sale as the beginning of Ethereum winning versus Bitcoin, of course, by percentage increase. And the chart agreed. On the day of the news, Bitcoin dropped over 5%, Ethereum dropped less than 2%. That was one of the biggest ETH over Bitcoin moves on Bitcoin down day since 2024. So here's the structural truth, okay? There's something called the yield gap. You could stake your ETH and it pays you around 3% automatically just for holding it. Bitcoin pays nothing. It just sits there. Now, for the normal person, it might not be a big deal, but apply that to treasury companies, the firms that hold crypto on their actual balance sheet as a company. A Bitcoin treasury company like Saylor has bills to pay, distributions to fund, and no income from the actual asset of holding Bitcoin. So when cash is tight, what's the only lever? You actually have to sell the Bitcoin, and that's exactly what just happened to the treasury company. But an Ethereum treasury company in the same spot doesn't sell. It clips its staking yield and keeps the stack intact. So it's just a small flaw in my opinion for Saylor's scale exposed. The never sell model has no engine. The ETH model actually has coupons that you can cash out. Here's the names to watch about this because it's going to be really interesting. Bitmine, Immersion, Tom Lee's firm, the biggest Ethereum treasury, and Sharplink. Kendrick expects them to regain a higher market-to-net asset value, or MNAV, than Strategy. His target is the ETH-to-BTC ratio climbing from about 0.028 today to 0.04 by the end of this year. That's more than 40% of the relative outperformance. Now here's the honest part, because I'm not here to sell you hype. ETH has actually underperformed Bitcoin this year, which is weird because it always outperforms Bitcoin. So this is a turning point call, not a confirmed trend. The thesis is strong. The timing, I believe, is a bet, but the logic is hard to argue with. In a world starving for yield, the asset that pays you beats the asset that doesn't. Productive crypto is starting to eat passive crypto. Watch the gap. This is important for traditional finance.
